Molex Incorporated settles lawsuit over unauthorised loans
Molex Incorporated has settled a lawsuit brought against the electronic components company over alleged unauthorised loans, it said Friday.
Molex Incorporated has settled a lawsuit brought against the electronic components company over alleged unauthorised loans, it said Friday.
The company has agreed to pay Mizuho Bank 17bn Japanese yen, ending a litigation which started in the Tokyo District Court in August 2010.
Molex expects the settlement costs for the quarter ending March 31st, to reach between $21m to $23m before based on current foreign exchange rates.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Mizuho has dismissed district court proceedings and released about $4.6m, based on current foreign exchange rates, that the bank has held since 2010.
The banks also released Molex from any future claims relating to unauthorised loans and provisional attachments.
"We believe that continuing protracted and costly litigation with an uncertain outcome is not in our best interests," said Martin Slark, Vice Chairman and Chief Executive Officer of Molex.
"This settlement, by eliminating that cost and uncertainty, allows us to focus on executing our businessstrategy."
At December 31st, Molex had an accrued liability of $170.7m and disclosed a contingent liability of $66.2m with respect to the unauthorized loans, the company added.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Why adversity creates opportunity
Discovering the best dividend-paying stocks means digging deep, biding your time and choosing your moment to buy, says Ross Mathison, deputy manager of The Scottish American Investment Company
By MoneyWeek Published
-
Child benefit tax return rules are changing – what is the high income child benefit charge?
High-earning parents will soon be spared the hassle of filing a tax return to pay back child benefit. We explain what’s changing and how the high income child benefit charge (HICBC) works
By Ruth Emery Published