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March 5, 1990 | From United Press International
Suit Against Saitama Bank: Robert Wang, a Los Angeles businessman and stockholder, filed suit in U.S. District Court against Saitama Bank Ltd., charging that the Japanese bank breached its fiduciary duty to stockholders by purchasing a major block of stock in a company at a significantly inflated price. The suit alleges that the bank violated securities laws in the United States and Japan by not disclosing that the stock purchased was of a company closely affiliated with the bank.
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BUSINESS
March 5, 1990 | From United Press International
Suit Against Saitama Bank: Robert Wang, a Los Angeles businessman and stockholder, filed suit in U.S. District Court against Saitama Bank Ltd., charging that the Japanese bank breached its fiduciary duty to stockholders by purchasing a major block of stock in a company at a significantly inflated price. The suit alleges that the bank violated securities laws in the United States and Japan by not disclosing that the stock purchased was of a company closely affiliated with the bank.
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