Mizuho To Sue Tokyo Stock Exchange For $340M

Law360, New York (October 17, 2006, 12:00 AM EDT) -- Japan’s Mizuho Securities is reportedly planning to sue the Tokyo Stock Exchange for $340 million in connection with a massive trading error last December at the TSE.

Mizuho Securities requested $350 million in compensation in August from the TSE, but to no avail.

“We have no choice but to settle this matter in court,” a high-ranking official at Mizuho Financial Group, the parent company of Mizuho Securities, told Reuters.

Mizuho Securities may file a lawsuit as early as Oct. 24, according to news reports.

TSE Chairman...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.