Former executives of Daiwa Bank agreed Tuesday to pay 250 million yen to settle a lawsuit filed by the bank's shareholders over illicit bond trading at the bank's New York branch.
The out-of-court settlement, in which the bank's former president and 48 other former executives are due to make payments, was reached before the Osaka High Court.
The settlement came nearly 15 months after the Osaka District Court, in its Sept. 20, 2000 ruling, ordered 11 of the 49 former executives to pay the bank $775 million, or about 98.2 billion yen, in compensation for losses incurred during unauthorized bond deals by a trader at its New York branch over an 11-year period beginning in 1984.