Suruga Bank wins partial judgment against former directors in loan lawsuit

The Shizuoka District Court has rendered a judgment in favor of Suruga Bank, partially approving claims against former directors in connection with share house loan issues. Mitsuyoshi Okano was granted 1,335,211,789 yen out of a 3.5 billion yen claim, while Yoshihiro Okazaki, Nobuaki Yanagisawa, Toshihiko Shirai, Akihiro Yoneyama, and Kazuya Mochizuki each received a 1 billion yen grant from a 1.1 billion yen claim.

Additionally, in an intervening lawsuit by shareholders, an extra 335,211,789 yen was granted for each of the latter five former directors. The judgment establishes that these former directors bear liability for damages due to breach of duty of care and other violations related to the share house-related loans.

Suruga Bank will now evaluate the judgment details and consult with legal counsel to determine its next steps. The impact of this ruling on current fiscal year business performance is undetermined, with any material disclosures to be announced promptly.