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February 15, 2013
08:05 EDTMOLX, MFGMolex 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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September 12, 2014
06:25 EDTMFGCiti Diners Club attracts attention of banks in Japan, Bloomberg says
Citigroup's (C)ís Diners Club card is among some of the firm's resources in Japan that is attracting attention from lenders as the company looks for offers for its retail division in the country, according to Bloomberg, citing people with knowledge of the matter. The sources said that Sumitomo Mitsui (SMFG), Mizuho Financial Group (MFG), Mitsubishi UFJ (MTU), Sumitomo Mitsui Trust and Shinsei Bank are some of the banks that are poised to propose preliminary offers. Reference Link

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