The Tokyo District Court has ordered Seibu Railway Co. to pay ¥23.74 billion in compensation to 16 institutional investors for investment losses stemming from its falsified financial reports.
It is the most damages awarded so far in a series of suits against the Seibu Railway group over the falsified corporate data.
The compensation also exceeded the damages that Livedoor Holdings Co. was ordered to pay last June, ¥9.54 billion, to companies that suffered hefty losses as a result of accounting fraud.