Japan's pension fund sues Toshiba for Y964 mil over accounting scandal

Top executives complained of “shameful results” that could not be made public, and a company-hired panel in 2015 found they masterminded a years-long scheme to hide poor results.

Just another day at the office for more than a few Japanese companies I'll bet.

The story tells us how big the rather irrelevant Norwegian fund is but not how big the Japanese one is.

The story tells us how big the rather irrelevant Norwegian fund is but not how big the Japanese one is.

Maybe not by a specific number but it does say how big the Japanese one is.....

Japan’s pension fund, equivalent to a quarter of the entire economy,

Japan's overall economy is roughly, what...4.5 trillion US$, so a quarter would be 1.1 trillion US

Poor Pensioners, can't sue GPIF.

you can not invest in something then sue because you did not get the results you wanted, idiots

The story tells us how big the rather irrelevant Norwegian fund is but not how big the Japanese one is.

According to this Bloomberg article it's $1.1 trillion. It's probably a good that the GPIF is going after this money because their gambling lost the fund $64 billion in just 3 months last year.

"The loss will test the resolve of the fund’s stewards and of Prime Minister Shinzo Abe, who called for the shift out of bonds to riskier assets such as equities as the government tries to spur inflation."

http://www.bloomberg.com/news/articles/2015-11-30/japan-s-pension-whale-stands-by-stocks-after-64-billion-loss

you can not invest in something then sue because you did not get the results you wanted, idiots

You can if your investment was based on lies provided by the company being invested in. If Toshiba had provided correct information, and then the investment lost money, there would be no basis for a suit. But in this case Toshiba lied about their financial situation, which led to investment, and therefore was fraud.

Not such idiots you see.

I wonder if the fund would have sued if the company had remained Japanese-owned. I imagine that the fund lost money when Olympus was found to have cooked their books, and lost more than half their stock value. Yet there has been no news of the guns going after Olympus.

Good you know the GDP of Japan, Yubaru. Some of us don't. And it would be a lot nicer to just give the number, since the Norwegian one is given.

The GPIF makes a bad investment and sues to cover their losses? Sign me up too!!

What is going on in Jaoan? Is there nothing honest in the Japanese corporate and political world? Car manufacturers lying about fuel consumption. The Takata airbag scandal. Too many till-dipping politicians. The stem cell scandal. Price fixing in many industries. I could go on all day! Yeah, Japan may well be a safe country for violence, but it seems to be a dishonest and thieving country as well. Get a grip Japan!

It has sued scandal-hit Japanese firms in the past to recoup share losses, and is involved in a lawsuit against Germany’s Volkswagen over its massive emissions cheating scandal.

Hasn't the fund any investment in Mitsubishi ? 964M yen is too small considering the massive damage loss suffered, it is just a slap on the wrist.

The GPIF is also responsible investing important public money in Toshiba without due analysis of the company. The GPIF started only recently. They have big money but do not have good staff and experiences.

The pension system is unsustainable anyway, so complaining about losses incurred by stale old companies that might as well be shutdown is a smokescreen really.

The timing by the GPIF, just before the election, is somewhat suspect. However, that said, fantastic move. Japanese firms need to be held accountable in a major way..... the apologizing and slap on the wrist system is not working. A step in the right direction.

Stop playing the stock market with our pensions.

The GPIF makes a bad investment and sues to cover their losses? Sign me up too!!

Read Strangerlands comment above. The company lied = fraud = right to sue for shareholders. If you are talking about all their other bad investments they have been making, then no, they don't get to sue those companies.

Share prices go up and down, sometimes drastically. The GPIF shouldn't have invested in the stock market in the first place. It's not their money.

Top executives complained of “shameful results” that could not be made public

So, Harmony (和) is just a collective narcissism.

The GPIF shouldn't have invested in the stock market in the first place. It's not their money.

Investing in the stocks of Japanese companies was just another government tactic to trade favors with Japan Inc. The fund invests a pile of money in the likes of Sharp, Sony, or whoever, the stocks jump, and a few executives and politicians get a big payday.

Japanese pension does only sue when there is loss, let's not be fooled, a cheating company bringing profit will be encouraged so they are not replacing a regulator entity here. However I will be glad to see Toshiba in court for their wrongdoings, it is not so often.....