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Toshiba Extraterritorial Fraud Suit Won’t Get Review (Corrected)

June 24, 2019, 1:33 PMUpdated: June 24, 2019, 2:03 PM

The U.S. Supreme Court won’t take a look at a case over whether domestic securities transactions are sufficient or just necessary for Exchange Act fraud claims.

Japanese manufacturing giant Toshiba Corp. asked for one more chance to keep a would-be investor class action at bay because the company didn’t offer or sell its stock in the U.S. The Supreme Court June 24 declined to consider the case.

Investors accused Toshiba of substantial accounting fraud, which the company admitted to in 2015. Toshiba is already fighting related suits in Japan and shouldn’t have to fend off investors in the U.S. ...