Advertisement
YOU ARE HERE: LAT HomeCollectionsSumitomo Corp
IN THE NEWS

Sumitomo Corp

FEATURED ARTICLES
NEWS
May 10, 1998 | From Times Wire Reports
The U.S. Commodity Futures Trading Commission will announce Monday that Japanese giant Sumitomo Corp. has agreed to pay a record $150 million to settle charges of illegal copper trades, a source familiar with the probe said. A CFTC spokesman said the agency will hold a news conference Monday morning, but he declined to give details. Sumitomo officials said Friday in Tokyo that the company would set aside $150 million in reserves to cover some of the future costs related to the copper scandal.
ARTICLES BY DATE
BUSINESS
June 18, 2004 | From Bloomberg News
Sumitomo Corp., Japan's fourth-largest trading company, agreed to buy U.S. pet-supplies maker Hartz Mountain for $365 million to create a global pet-care business. Sumitomo and its U.S. unit agreed to buy all the shares outstanding in JWC Hartz Holdings. The U.S. unit will be the majority owner. Hartz Mountain is based in Secaucus, N.J. Americans spent $32.4 billion on their pets in 2003, including $22.2 million for food and supplies, according to the American Pet Products Manufacturers Assn.
Advertisement
BUSINESS
May 21, 1997 | (Reuters)
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."
NEWS
June 18, 1999
* Two scrap-metal dealers have sued Sumitomo Corp. and Merrill Lynch & Co. in the latest legal skirmish since a 1996 copper-trading scandal that led to government probes and billions of dollars in losses. Los Angeles Scrap Iron & Metal Corp. of Los Angeles and Loeb Industries Inc. in Watertown, Wis., said in a federal lawsuit that they and other copper buyers lost millions because Sumitomo, Merrill and Global Minerals & Metals Corp. hoarded metal in a conspiracy to drive up prices.
BUSINESS
June 27, 1996 | From Bloomberg Business News
Sumitomo Corp. executives are about to face shareholders, as well as U.S. and British investigators, for the first time since disclosing its $1.8 billion in copper trading losses. Shareholders will gather today for their annual meeting at the trading company's headquarters here. Copper prices rose Wednesday amid expectations that Sumitomo executives may provide an indication of the company's current holdings of the metal.
BUSINESS
June 14, 1996 | DAVID HOLLEY, TIMES STAFF WRITER
In another global trading scandal, the huge Japanese trading firm Sumitomo Corp. announced Thursday it has discovered "significant unreported losses"--estimated at $1.8 billion--from 10 years of unauthorized trading by its former head of copper trading. The Sumitomo fiasco appeared to be the biggest case yet in a string of losses by rogue traders, exceeding in size two similar scandals that erupted last year at Japan's Daiwa Bank and Britain's Barings.
CALIFORNIA | LOCAL
April 13, 1994 | HENRY CHU, TIMES STAFF WRITER
Less than one-fifth of the way into their expected life spans, more than 15% of the gearboxes on Metro Blue Line cars have failed, forcing the cash-strapped Metropolitan Transportation Authority to buy new parts and overhaul equipment, officials said Tuesday. Of 230 gearboxes, 38 have broken down much sooner than expected--some of them after only 48,000 miles of service. That is less than 5% of the 1-million-mile standard specified in MTA's contract with the car manufacturer, Sumitomo Corp.
BUSINESS
June 7, 1993 | From Times Staff and Wire Reports
TCI, Sumitomo in Deal: Tele-Communications Inc. has agreed to buy an 18% stake in Sumitomo Corp.'s Cable Soft Network, Japan's leading cable TV movie channel. Terms were not disclosed, but Adam Singer, international vice president for TCI, said the investment is a "first step" to other possible joint ventures between the Denver-based cable giant and the Japanese conglomerate. Sumitomo is the lead company in Japan's fledgling cable TV industry.
BUSINESS
September 19, 1998 | From Bloomberg News
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.
BUSINESS
August 14, 1998 | Bloomberg News
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.
BUSINESS
August 13, 1998 | From Bloomberg News
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.
BUSINESS
May 12, 1998 | From Bloomberg News
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.
BUSINESS
March 26, 1998 | Associated Press
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.
BUSINESS
May 21, 1997 | (Reuters)
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."
BUSINESS
June 18, 2004 | From Bloomberg News
Sumitomo Corp., Japan's fourth-largest trading company, agreed to buy U.S. pet-supplies maker Hartz Mountain for $365 million to create a global pet-care business. Sumitomo and its U.S. unit agreed to buy all the shares outstanding in JWC Hartz Holdings. The U.S. unit will be the majority owner. Hartz Mountain is based in Secaucus, N.J. Americans spent $32.4 billion on their pets in 2003, including $22.2 million for food and supplies, according to the American Pet Products Manufacturers Assn.
NEWS
June 18, 1999
* Two scrap-metal dealers have sued Sumitomo Corp. and Merrill Lynch & Co. in the latest legal skirmish since a 1996 copper-trading scandal that led to government probes and billions of dollars in losses. Los Angeles Scrap Iron & Metal Corp. of Los Angeles and Loeb Industries Inc. in Watertown, Wis., said in a federal lawsuit that they and other copper buyers lost millions because Sumitomo, Merrill and Global Minerals & Metals Corp. hoarded metal in a conspiracy to drive up prices.
NEWS
February 17, 1997 | From Times Wire Reports
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.
Los Angeles Times Articles
|