Mizuho To Sue Tokyo Stock Exchange For $340M

Law360 (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 and President Taizo Nishimuro said in August that the exchange does not intend to pay...

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