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Suruga Bank files 2nd lawsuit against ex-chairman, others

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Suruga Bank files 2nd lawsuit against ex-chairman, others

Japan's Suruga Bank Ltd. filed another lawsuit against its five former executives for alleged wrongdoing, including extending loans to the bank's founding family without following standard loan-screening procedures, The Mainichi and The Asahi Shimbun reported.

The bank filed the suit with the Shizuoka District Court on Dec. 27. It is seeking ¥3.24 billion in damages from former Chairman Mitsuyoshi Okano and his late brother Kinosuke Okano, a former vice president; ex-senior managing directors Toshihiko Shirai and Kazuya Mochizuki; and Takeshi Yagi, a director in charge of loan screening, according to the reports.

It is the second lawsuit brought by Suruga Bank against its former management team in less than two months. In November, the bank filed a suit against the executives for wrongdoing related to approving loan applications for a failed shared-housing venture.

As of Dec. 27, US$1 was equivalent to ¥110.81.