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Toyota litigation hits roadblocks
Shareholder lawsuits against Toyota Motor Corp. face several obstacles. A judge has questioned why several motions for lead counsel status were filed on behalf of large groups of investors rather than individual investors. And foreign investors face a potentially adverse Supreme Court ruling.
Backdating Plaintiffs Win Early Rounds
Recent rulings have carved out a victorious first round for civil plaintiffs in stock-options backdating cases after judges refused to dismiss four of their suits. At issue in most of the cases was whether plaintiff shareholders should have demanded books and records from the companies' boards of directors before filing their lawsuits. Some of the plaintiffs successfully pleaded "demand futility" by showing that directors were not objective or that their acts were not of sound "business judgment."TRENDING STORIES
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