A Maryland pension fund, reeling from a ruling last year that wiped out much of its case, is trying to certify a renewed class of thousands of Toyota shareholders who allege the automaker made false and misleading statements regarding what it knew about sudden acceleration defects in its vehicles.
U.S. District Judge Dale Fischer dismissed much of the case on July 7, 2011, ruling that shareholders of Toyota’s common stock, which is traded primarily on the Tokyo Stock Exchange, could not pursue their claims in U.S. courts. Fischer cited Morrison v. National Australia Bank, in which the U.S. Supreme Court ruled that investors who purchase a foreign company’s stock on a foreign exchange lack standing to sue in U.S. courts. She allowed the plaintiffs to amend their claims, however.
