Court fines Tokyo bourse over $400 million bank blunder

A Japanese appeals court Wednesday ordered the Tokyo Stock Exchange to pay $107 million compensation over its failure to stop a $400 million trade blunder in 2005, upholding the initial verdict. The lawsuit against Asia's largest bourse was filed by Mizuho Securities -- part of Japanese mega bank, Mizuho Financial Group -- which demanded 41.5 billion yen ($416 million) in compensation.
The Tokyo District Court ruled that the TSE must pay 10.7 billion yen to the securities firm, saying Mizuho must bear part of the responsibility after one of its employees placed an erroneous -- and very costly -- order.