Sumitomo pays pounds 61m to settle

Wednesday 12 August 1998 23:02 BST

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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.

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Sumitomo pays pounds 61m to settle

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