• Kyodo News


The Tokyo District Court on Thursday sided with Aozora Trust Bank in its dispute with Incubator Bank of Japan, which lost a court battle for the second time in three days over loans sold twice over by collapsed moneylender SFCG Co.

The court ruled that the loans SFCG transferred to Aozora Trust had been registered in July 2006 before Incubator Bank registered its purchase of the same loans in November 2008. Judge Toshifumi Saiki ordered Incubator Bank to pay Aozora Trust about ¥4.28 million it had received in repayments on the loans.

In a ruling on a similar case Tuesday, the court ordered Incubator Bank to pay ¥4.36 million to Shinsei Trust & Banking Co., saying repayments Incubator Bank received from borrowers of the SFCG loans in question amounted to an illegal gain.

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