Japan's Toshiba (NASDAQOTH: TOSBF) has filed a fresh lawsuit against U.S. storage giant Western Digital (NASDAQ: WDC). The suit, filed in Tokyo District Court, centers on Toshiba Memory Corporation, a 50-50 joint venture operated by the two companies.
Toshiba has been attempting to sell the unit on its own in order to help shore up a damaged balance sheet. It selected a buyer, a consortium of Japan's Innovation Network Corporation, Bain Capital Private Equity, and Development Bank of Japan.
Western Digital subsequently filed suit in California to block that deal. It maintains that, according to the terms of its collaboration with the Japanese company, any sale requires its approval. read the rest here