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Daiwa Bank execs ordered to redress losses at N.Y. branch

OSAKA, Japan - Photo shows the head office of Daiwa Bank in Osaka on Sept. 20. The Osaka District Court the same day ordered Daiwa Bank's executives to pay the bank $775 million in compensation for losses incurred by the bank from unauthorized bond deals at its New York branch. Plaintiffs accused the bank's management of failing to take appropriate actions to prevent former New York branch trader Toshihide Iguchi from engaging in unauthorized U.S. Treasury bond trading over 11 years from 1984. Iguchi was convicted in the United States in 1996 and jailed.