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Monday, 22nd March 2010
In Business In Japan,

Toyota shareholders sue troubled firm

Japanese car manufacturer Toyota - the world's biggest auto maker - is facing further strife after its shareholders announced they are to sue over lost money.

Share prices in the firm were severely impacted by scandals over safety problems with accelerator pedals and floor mats which are thought to have contributed to a number of car accidents and many deaths.

Now, shareholders in Toyota are claiming that the firm was dishonest about the scale of the problems and promised all the issues would be an easy fix.

At least three of the lawsuits bought by Toyota shareholders claim the firm misled them over the problems to help keep stock prices secure.

Furthermore, some of actions accuse top-level Toyota executives of being aware of safety problems in vehicles for almost ten years.

Following the scandal, Toyota boss Akio Toyoda was forced to publically apologise for the problems and has since pledged to improve Toyota's quality check measures.

Written by Mark Smith.

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