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Stock Market & Financial Investment News

News Breaks
February 15, 2013
08:05 EDTMFG, MOLXMolex announces settlement of litigation with Mizuho Bank
Molex Incorporated (MOLX) has settled litigation with Mizuho Bank (MFG), which commenced in Tokyo District Court in August 2010, regarding previously reported unauthorized loans. The charge for the quarter ending March 31, 2013 related to this settlement is expected to approximate between $21M-$23M before tax based on current foreign exchange rates. Under the terms of the settlement agreement, Molex agreed to pay Mizuho $183M based on current foreign exchange rates and Mizuho agreed to dismiss the district court proceedings and release approximately $4.6M that the bank has held since 2010. In addition, Mizuho agreed to release Molex from any future claims relating to the unauthorized loans and provisional attachments.
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