Nikko Sues Former Execs For Scandal Damages

Law360, New York (February 27, 2007, 12:00 AM EST) -- Embattled Japanese brokerage Nikko Cordial Corp. said Tuesday it is suing three former top executives in a multimillion-dollar lawsuit for damages incurred as a result of an accounting fraud scandal.

The lawsuit is seeking ¥3.1 billion ($25.7 million) in compensation from former president Junichi Arimura, former chief financial officer Hajime Yamamoto, and Hirofumi Hirano, the former president of Nikko subsidiary Nikko Principal Investments Japan Ltd., the company said.

Nikko is also seeking ¥300 million in private assets from former chairman Masashi Kaneko to cover the costs...
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