TOKYO, Apr 15 (Pulse News Wire) – TOA Road Corporation (1882.T) announced today that it has settled a shareholder derivative suit related to antitrust violations involving price-fixing activities prior to January 27, 2015. The settlement involves a payment of ¥11 billion from former director Akihisa Shinoda to the company.
The lawsuit was initiated by Strategic Capital Co., Ltd. against ten directors, including Shinoda, seeking damages for breaches of fiduciary duties and failure to comply with laws. After consolidating with another similar case, the company participated as a co-litigant. On January 21, 2026, a settlement agreement was reached among the plaintiff, nine defendants excluding Shinoda, and the company.
Finally, on April 14, 2026, the settlement was finalized with Shinoda, the plaintiff, and the company. Under the terms of the settlement, Shinoda acknowledges his obligation to pay ¥11 billion to TOA Road Corporation by May 15, 2026, via bank transfer to an account designated by the company. Any late payments will incur interest at an annual rate of 20%. Additionally, Shinoda agrees not to seek employment within the company's group companies, while the company confirms there are no further claims beyond those outlined in the settlement.
The settlement amount, net of legal fees paid to the plaintiff, is expected to be recorded as special income in the fiscal year ending March 2027.
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