TOKYO, May 20 (Pulse News Wire) – Suruga Bank Ltd. (8358.T) received a notice of appeal from the Tokyo High Court today regarding the retrial judgment related to claims against former executives.
The initial lawsuit was filed in April 2024 due to credit management issues involving four former directors, resulting in a rejection of the bank's claims. In March 2025, the Tokyo High Court overturned the original ruling and remanded the case back to the Shizuoka District Court. On March 13, 2026, the Shizuoka District Court ruled in favor of the bank, ordering the former directors to pay a total of ¥4.762 billion. The appeal was filed by the former directors and their heirs, including Koji Okano, Keiko Okano, Akira Okano, Michie Okano, Tomoko Okano, Reiko Shiiba, and Kazuya Mochizuki.
The court recognized joint liability among the former directors, meaning the bank could potentially recover up to ¥4.762 billion from any of the defendants. In response to the latest development, Suruga Bank stated it would continue to pursue fair and just judgments through the appellate process. The bank also noted that the impact of filing the appeal on its current fiscal performance is expected to be minor. Additionally, the bank mentioned ongoing litigation concerning loans made to shared housing companies, which may require further disclosure should significant developments occur.
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