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Toshiba hit with fresh lawsuit over dodgy accounting

Trust banks seek $126m over investor losses

| Japan

TOKYO -- Eleven trust banks have filed suit together against Toshiba, seeking roughly 14 billion yen ($126 million) in compensation for losses they claim were inflicted on investors by its book-padding scandal, it was learned Thursday.

The complaint filed with the Tokyo District Court names four banks as plaintiffs to represent the group. These include Japan Trustee Services Bank and Master Trust Bank of Japan, which manage assets for such other plaintiffs as Sumitomo Mitsui Trust Bank and Mitsubishi UFJ Trust and Banking. The institutions will argue that false statements in Toshiba's securities reports caused the conglomerate's stock to drop, eroding the value of assets under management, a person familiar with the lawsuit said.

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