OSAKA -- Former executives of trading house Sumitomo Corp. reached a court-mediated settlement Thursday on a lawsuit filed by one of its shareholders over huge losses the firm sustained due to a rogue copper trader.
Under the settlement mediated by Judge Mitsuhiro Ikeda at the Osaka District Court, former President Tomiichi Akiyama and four others agreed to pay 430 million yen in compensation to the company.
The amount is the largest that has been paid to a company named in a lawsuit filed by a shareholder.