Asia
Toa Road Settles Shareholder Lawsuit With Former Director Over Antitrust Case
Toa Road (TYO:1882) has reached a settlement in a shareholder derivative lawsuit with a former director over antitrust violations tied to asphalt pricing, according to a Wednesday filing on the Tokyo Stock Exchange.The former director, Akira Shinya, agreed to pay 21 million yen to the company as part of the settlement.The case relates to violations linked to price fixing of asphalt mixtures, which led to a surcharge of 2.17 billion yen imposed by Japan's antitrust regulator.The lawsuit had been filed by shareholder Strategic Capital against current and former executives seeking damages. Toa Road had already settled with nine other defendants in January before reaching the latest agreement.
TYO:1882
