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To: Tom M who wrote (72238)	6/23/2001 9:53:55 AM
From: long-gone	Respond to of 116786

Friday June 22, 2:22 pm Eastern Time US judge approves settlements in Sumitomo copper case NEW YORK, June 22 (Reuters) - A U.S. federal judge this week approved settlements totaling $150 million in claims by copper traders against Japanese trading house Sumitomo Corp. for illegal trades that cost $2.6 billion in losses. Sumitomo scandalized the copper futures market in 1996, sending prices plunging, when it disclosed losses from unauthorized deals made by senior trader Yasuo Hamanaka. U.S. District Judge Milton Pollack in Manhattan said that settlements approved Thursday involved JP Morgan Inc and London-based metal broker Credit Lyonnais Rouse , which paid $10.8 million and $3.9 million, respectively. ``The two new settlements were approved and the proceedings were therefore to go forward,'' Judge Milton Pollack told Reuters. Pursuant to the terms of the settlement agreements, the funds were placed in escrow accounts and invested in treasury bills maturing October 25, 2001, he said. Earlier settlements in the class-action claims cost Sumitomo $99 million, while Merrill Lynch (NYSE:MER - news) paid $18.1 million and Morgan Stanley (NYSE:MWD - news) paid $1 million. New York-based metals trading firm Global Minerals and Metals Corp. also agreed to pay $16.5 million. Hamanaka was fired in 1996 and is currently serving an eight-year prison term after being convicted of forgery and fraud. The trading losses allegedly occured between 1986 and 1997. In the afternoon, Sumitomo's shares had traded up 23 yen or 2.84 percent at 832 yen. ($1 equals 124.22 Yen) biz.yahoo.com