Streaksai Regulatory News (STK)

19 Jun 2007 15:33

Softbank Corp19 June 2007 18 June 2007 Settlement of a Lawsuit Against an Affiliated Company SOFTBANK CORP. (hereinafter "SOFTBANK") announces that as of 15 June, 2007 (EST)it has received an order dated 14 June, 2007 (EST), by the United StatesBankruptcy Court (Southern District of New York), that approves a settlementwith the plaintiffs concerning the lawsuit described in the 23 January, 2006press release "Announcement of the Withdrawal of a Lawsuit and the Filing ofAnother Lawsuit against an Affiliated Company. The details are as stated below. 1. Litigants Plaintiffs: (1) Trustees of MarketXT Holdings Corp. (hereinafter "MarketXT") (2) The Official Committee of Unsecured Creditors of MarketXT Defendants: (1) SOFTBANK TELECOM Corp. (Former SOFTBANK FINANCE CORPORATION, head office; Minato-ku Tokyo, Representative; Masayoshi Son, hereinafter "SBTM") (2) SBI Investment Co., Ltd. (head office: Minato-ku, Tokyo; President & CEO: Yoshitaka Kitao, hereinafter "SBII") as managing partner of SOFTBANK CONTENTS FUND 2. Description of settlement SBTM and SBII will jointly make the settlement payment totaling USD 18 million(JPY 2,216 million, converted at the rate of USD 1 = JPY 123.15) and thelitigants of the lawsuit withdraw all the claims against their adversary partiesand the concerned (the representatives, directors, employees and all the othersconcerned) and will not file any claims regarding this case in the future. 3. Reason for settlement Taking the future expenses and the risks due to prolonged litigation intoconsideration, it was judged to be appropriate to pay a small amount ofsettlement to reach the settlement at this time. 4. Impact on financial results SBTM already accrued JPY 1,493 million as special loss for legal expenses in theclosing results of the fiscal year ended Mach 31, 2007, therefore the impact onthe consolidated results of SOFTBANK for the fiscal year ending March 31, 2008is expected to be minor. This information is provided by RNS The company news service from the London Stock Exchange