Assisting Intervention in Shareholders’ Derivative Lawsuit
December 26, 2023
Chubu Electric Power Co.,Inc.
Chubu Electric Power today received a lawsuit notice that four individual shareholders of the company (“the plaintiff”) filed a shareholders’ derivative lawsuit for damages (“the lawsuit”) against a total of 14 current and former directors of the company (“the defendant”).
(Press release issued on December 26, 2023)
Today, the company decided to make an assisting intervention for the defendant in the lawsuit, and obtained the approval of all corporate auditors. Details are provided below.
1. Reason for the assisting intervention
Chubu Electric Power has made no agreement with The Kansai Electric Power Co., Inc. that restricts business activities, and there exists differences in fact-finding and legal interpretation with the Japan Fair Trade Commission (JFTC). The company has thus filed a revocation action (Press release issued on September 25, 2023), and has judged that the plaintiff's claim premised on the JFTC’s finding is groundless.
The company has judged that it needs to appropriately counter the plaintiff’s claims by getting involved in the proceedings of the lawsuit as an assisting intervenor, and demand a fair judicial decision.
2. Future response
Announcements will be made promptly in the wake of any additional matters that should be disclosed as to this lawsuit.