Sumitomo pays pounds 61m to settle

SUMITOMO CORP is to pay $99m (pounds 61m) to settle six class action suits filed in New York over losses stemming from illegal deals by a rogue copper trader.

The Japanese company, which lost $2.6bn in 1996 on unauthorised off-the- book deals by copper trader Yasuo Hamanaka, did not admit any wrongdoing or liability.