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Court Dismisses 3.9 Billion Yen Shareholder Derivative Suit Against Leopalace21

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Leopalace21 (TYO:8848) said the Tokyo District Court dismissed all claims in a shareholder derivative lawsuit filed by Tenzan and three individual shareholders against 22 current and former directors and five audit board members.

The plaintiffs had sought approximately 3.5 billion yen in damages over outsourcing fees paid through Tenzan to Sekaiz, and an additional 400 million yen related to a 2022 tender process they claimed was improperly shortened.

The court ruled that none of the defendants breached their duty of care as alleged, according to a Tokyo bourse filing on Thursday.

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