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Mizuho Demands $350M For Massive Stock Trade Error

Law360 (August 22, 2006, 12:00 AM EDT) -- In connection with a massive trading error last December at the Tokyo Stock Exchange, the Japanese firm Mizuho Securities demands $350 million in compensation, the head of the exchange said on Tuesday.

TSE Chairman and President Taizo Nishimuro said the exchange does not intend to pay Mizuho over the mistake, according to news reports. Mizuho notified the exchange on Friday of its demand, Nishimuro said.

The error was made by a trader at the stock exchange who offered to sell 610,000 shares of a staffing firm...
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