Nikko Cordial Corp. sued three former top executives Monday, demanding 3.36 billion yen in damages for their alleged involvement in accounting fraud, Japan's third-largest brokerage said.

The three are Junichi Arimura, former Nikko Cordial president; Hirofumi Hirano, former chairman of Nikko Principal Investments Japan Ltd.; and Hajime Yamamoto, former executive managing director of Nikko Cordial Securities Inc.

The suit was filed with the Tokyo District Court in light of recommendations made by the brokerage's in-house panel, which was tasked with finding out who was responsible for the fraud.