UBS settles copper dispute with Sumomito
UBS agreed to pay Sumitomo Corporation Yen10 billion ($86 million) to settle a litigation brought by Sumitomo in 1999 in relation to certain copper trades. UBS admitted no wrongdoing.
According to the Financial Times, Sumitomo brought legal charges against UBS and Chase Manhattan in 1999 for allegedly financing unauthorised trades by Yasuo Hamanaka, the Japanese bank's chief copper trader.
Sumitomo had claimed that from 1995 to 1996 Hamanaka hid his losses with funding from the banks that
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