Fuji TV Files 37.7-B.-Yen Damages Suit Against Livedoor

Mar 26, 05:19 PM

Current Headlines: Tokyo, March 26 (Jiji Press)--Fuji Television Network Inc. said Monday it has sued Livedoor Co. for losses caused by a plunge of the price of Livedoor shares due to the company's accounting fraud scandal, seeking damages of 37.7 billion yen.

Fuji TV in May 2005 purchased some 44 billion yen's worth of Livedoor shares. The value of the shareholdings plummeted after the revelation of the accounting fraud in January 2006 that led to the arrest of President and founder Takafumi Horie.

Fuji TV sold the holdings of Livedoor shares for some 9.5 billion yen, thus suffering losses of 34.5 billion yen.

Fuji's suit brings the total amount of damages shareholders of Livedoor have demanded from the company to some 68 billion yen.END

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