April 20, 1999 |
Sumitomo Corp. of America said it sold its U.S. equipment-financing unit to General Electric Capital Corp., the world's biggest finance company, for an undisclosed amount to raise funds for more profitable businesses. The Norwalk, Conn.-based finance unit, called Phoenixcor Inc., has almost $1 billion in assets and is one of the 60 biggest U.S. lenders to businesses buying equipment. It has 16 offices across the country and will become part of GE Capital's commercial-equipment financing unit.
February 3, 1999 |
Goodyear Tire & Rubber Co. formed a $1-billion alliance with Japan's Sumitomo Rubber Industries Ltd. in which North America's biggest tire maker would acquire 10% of Sumitomo and take control of its U.S. and European businesses, people familiar with the transaction said. Sumitomo Rubber spokesman Katsuhiro Katafuchi said the companies may announce the agreement today. Goodyear declined to comment.
October 16, 1998 |
Investigators with the Labor Department have found that the former owners of Sumitomo Bank of California failed to recruit African Americans for the lending institution's high-level jobs and discriminated against both black and Latino employees by paying them less than other workers. Federal officials said Thursday that they believe the pay discrimination took place in some, but not all, job categories. They said the discrimination affected at most 250 African American and Latino employees.
September 19, 1998 |
Sumitomo Corp. agreed Friday to pay $42.5 million to settle a California lawsuit, the last class-action claim stemming from one of the largest commodity trading scandals ever. Sumitomo, Japan's third-largest trading company, said it will settle a suit filed in July 1996 on behalf of construction companies and contractors that bought copper products between Jan. 1, 1993, and July 1, 1996, largely construction companies and contractors who buy copper pipe.
August 14, 1998 |
Sumitomo Corp. is in talks to settle a class-action lawsuit filed in California, another step in the company's move to wrap up one of the biggest commodity trading scandals ever. "The main parties are in ongoing discussions, but there are a few outstanding issues to be settled," said Larry Shucharow, lead attorney for the class-action suit. Sumitomo said Wednesday that it will pay $99 million to U.S.
August 13, 1998 |
Sumitomo Corp. said Wednesday that it will pay $99 million to U.S. copper traders, settling six class-action lawsuits in one of the biggest commodity trading scandals ever. The suits were filed two years ago in federal court in New York after a series of unauthorized transactions by Sumitomo's chief copper trader. The company was left with more than $2 billion in losses when the trades collapsed. Another suit is pending in California.