The Osaka District Court orders the Japan Fair Trade Commission to submit documents in relation to a shareholder derivative suit (Sumitomo Electric)

On July 15, 2012, the Osaka District Court ordered the Japan Fair Trade Commission (the “JFTC”) to submit (i) written statements of employees of Sumitomo Electric Industries (“Sumitomo Electric”) and (ii) Sumitomo Electric’s report to the JFTC in relation to the shareholder derivative suit against 22 directors of Sumitomo Electric. Facts Sumitomo Electric organized cartels regarding fiber optic cables etc., among its competitors, and the JFTC conducted an on-site inspection of these cartels on June 2, 2009. On May 21, 2010, the JFTC issued a cease and desist order and a surcharge payment order to Sumitomo Electric [1]. As Sumitomo Electric had not applied for leniency, Sumitomo Electric’s surcharge amount was not exempted or discounted. The surcharge amounted to approximately JPY 6.7

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Madoka Shimada, Nobuhiro Tanaka, The Osaka District Court orders the Japan Fair Trade Commission to submit documents in relation to a shareholder derivative suit (Sumitomo Electric), 15 June 2012, e-Competitions Bulletin June 2012, Art. N° 72353

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