MUFG Brokerage JV Sued Again Over Credit Suisse AT1 Losses
- Lawsuit filed at Tokyo court on behalf of 26 plaintiffs
- Several Japan securities firms have been sued over bond sales
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Another group of Japanese investors sued Mitsubishi UFJ Financial Group Inc.’s joint brokerage venture with Morgan Stanley, the latest litigation over losses on Credit Suisse’s riskiest debt that became worthless.
A suit representing 26 plaintiffs was submitted to the Tokyo District Court on Tuesday seeking to recover losses from so-called Additional Tier 1 notes that were sold to them by Mitsubishi UFJ Morgan Stanley Securities Co. They are demanding a combined 1.73 billion yen ($12.2 million) in compensation, according to the filing led by Yamazaki Marunouchi Law Office.