An association of liquor retailers filed a lawsuit Tuesday seeking 16 billion yen in damages from Credit Suisse and several other parties for failing to warn the group of the risk in investing their pension funds in foreign bonds, which resulted in heavy losses.
The All Japan Liquor Merchants Association filed the suit at the Tokyo District Court, saying it lost about 14.4 billion yen between January and May 2003 after a broker solicited the investment through Credit Suisse.
The Tokyo-based association has said that Credit Suisse and the financial broker, also named in suit, told them it was safe to invest in the bonds, when in fact they were high-risk products.
The amount in damages includes the cost of commissions paid to the Swiss financial group and attorney fees, the association said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.