GE To Pay $1.7B To End Shinsei Refund Deal

Law360, New York (February 26, 2014, 5:00 PM EST) -- General Electric Co. will pay 175 billion yen ($1.7 billion) to end its obligation to pay Shinsei Bank Ltd. for interest repayment claims owed by the Japanese consumer finance unit it sold to Shinsei in 2008.

GE sold its Japanese consumer finance business to Shinsei for $5.4 billion in September 2008. Under the terms of the deal, the two companies agreed to a loss-sharing arrangement in which GE would be required to reimburse the Japanese bank for refunds of interest paid in excess of the statutory...
To view the full article, register now.