Green Cross Faces Class Action Threat
Japanese pharmaceutical company Green Cross, which distributed tainted blood products in the 1980s (marketletters passim), is threatened with a class action suit by two shareholders and is concerned about the morale of its employees, according to local reports.
The two shareholders, whose identities were not revealed, sent a letter on July 5 to the firm's auditors demanding that they file a damage suit against the former president, Renzo Matsushita, and the present management. If this is not done in 30 days, the shareholders will file a suit with the Osaka District Court.
They charge that the company failed to take correct measures to stop distributing the unheated blood products, and caused damage to Green Cross' business by paying 24 billion yen ($219 million) to hemophiliacs infected with HIV.
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