Judge Dismisses Toyota Stockholder Lawsuits
Wednesday, July 13th, 2011 | Lawyer Marketing
Los Angeles business litigation lawyers have found that part of the fallout from the Toyota auto safety crisis has been the drop in stock prices since the crisis broke. A U.S. District Court judge has now dismissed at least 26 lawsuits filed by Toyota stockholders, who claimed that Toyota concealed auto defects, making it a target of injury litigation, and causing a substantial drop in stock price.
About 26 out of the 33 stockholder claims filed by shareholders have been dismissed. The memo dated July 7 by a U.S. District Judge in Los Angeles states that the lawsuits raised claims that were valid under Japanese law, and do not fall under U.S. jurisdiction. Therefore, Japanese law should take precedence in these lawsuits. The investors in these claims had purchased their Toyota shares on foreign exchanges.
In the complaint, investors claimed that Toyota concealed safety issues involving sudden and unintended acceleration in its vehicles. Reports of unintended acceleration involving Toyota vehicles have been around for a while, but these really burst into the spotlight in 2008 after the death of a California family in an accident ultimately blamed on sudden acceleration of the car.
Since then, Toyota has recalled millions of cars for unintended acceleration problems. The company has also been slapped with hundreds of personal injury and consumer fraud lawsuits. The company’s stock price fell soon after in response to the crisis.
The investors, who include the Maryland State Retirement and Pension System, claim that the Japanese automaker concealed documents that clearly showed that it was aware about these defects since as far back as 2000. However those claims have now been dismissed. Only seven claims that addressed misrepresentations about the sudden acceleration problems that Toyota made, have been allowed to proceed by the judge.
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