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.
May 12, 1998 |
Sumitomo Corp. agreed to pay $158 million to settle U.S. and British charges that it manipulated copper prices in 1995-96, the company and the Commodity Futures Trading Commission said Monday. The Japanese trading company agreed to pay U.S. fines of $125 million--in the largest CFTC penalty on record--and to set aside an additional $25 million in restitution to cover investor losses, the agency said.
March 26, 1998 |
A former trader at Sumitomo Corp. was sentenced to eight years in jail for racking up huge losses in unauthorized copper futures trading. Yasuo Hamanaka, who was said to have controlled 5% of the world's copper market at one time, racked up $2.6 billion in losses over a 10-year period ending in 1995. Tokyo District Court officials confirmed the sentence, which was reported by major Japanese media.
May 21, 1997 |
Tokyo-based Sumitomo Corp. posted its first annual loss in its 78-year history, hurt by the copper-trading scandal that rocked world commodity markets last year. The giant trading house, which was founded in 1919, said net losses totaled $1.3 billion for the year ended March 31, contrasted with a profit of $144 million a year earlier. Takashi Nomura, senior managing director, said Sumitomo plans "to tighten risk control for all commodities and financial trading."
February 17, 1997 |
Former Sumitomo Corp. copper trader Yasuo Hamanaka pleaded guilty to covering up massive trading losses that depressed world copper prices and battered the image of his 300-year-old company. The former star trader, who was arrested Oct. 22 and charged with forging signatures and swindling a Sumitomo subsidiary out of $770 million, entered the plea on the first day of his trial in Tokyo District Court.