August 26, 2016 / 2:38 AM / in a year

Toshiba: Japan trunk bank sues it for $120 million over accounting scandal

TOKYO (Reuters) - Toshiba Corp (6502.T) said on Friday a Japanese trust bank was suing it for 12 billion yen ($119 million) for losses stemming from the company’s $1.3 billion accounting scandal last year.

A man walks past a Toshiba Corp logo displayed on one of its television sets in Tokyo, Japan, November 26, 2015. REUTERS/Toru Hanai/File Photo

Japan Trustee Services Bank had filed the suit with the Tokyo District Court on Aug. 9, the technology and industrial conglomerate said in a statement.

Toshiba said it would set aside a “reasonable” amount of cash to cover any damages and would revise its earnings guidance as needed.

Reporting by Chang-Ran Kim; Editing by Richard Pullin

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