Jurisdiction Profile: Japan

Japan is one of the few countries with a track record of shareholder recoveries. Cases can take 3-5 years to resolve and given a cultural aversion to litigation, tend to settle rather than go to trial. Past recoveries include:

  • In 2012, Livedoor Co., Ltd. settled with 6 institutional investors 9.9 billion yen (around $90M), roughly 90% of claimed losses.

  • In 2014, Seibu Railway settled with 16 institutional investors for 2.9 billion yen (around $26M), roughly 12% of claimed losses.

  • In 2015, Olympus Corp. settled with 86 institutional investors for 11 billion yen (around $100M), roughly 30% of claimed losses.

Shareholder suits are pending against Japanese issuers including Toshiba Corp., Mitsubishi Motors, and Kobe Steel.

What you will learn:

  • Overview of Japan's securities class action system
  • Sources of law in Japan
  • Costs and burdens for participation
  • Jurisdiction risk profile

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