TOKYO: Japan's Shinsei Bank said yesterday it would pay US$194mil to settle a lawsuit brought by failed Japanese property developer EIE International Corp but would ask the government to bear most of the costs.
EIE had been seeking unspecified damages at a court in Saipan, claiming the failed Long-Term Credit Bank of Japan (LTCB), Shinsei's temporarily nationalised predecessor, had sold EIE's overseas properties at unfairly low prices.
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