More investors in Japan are suing Mitsubishi UFJ Financial Group’s brokerage unit more than a year after Credit Suisse’s riskiest bonds that were sold to its clients turned worthless.
A lawsuit representing 14 plaintiffs was submitted to the Tokyo District Court on Friday, seeking to recover losses from so-called Additional Tier 1 notes that they bought from Mitsubishi UFJ Morgan Stanley Securities. They are demanding a combined ¥1.37 billion ($8.5 million) in compensation, according to the filing led by Yamazaki Marunouchi Law Office.
A representative of the securities firm, a joint venture between Japan’s largest lender and the major U.S. investment bank, said it was unable to comment because it hadn’t seen the complaint.
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