Takefuji Corp. said Friday it has sued Merrill Lynch Japan Securities Co. for about ¥29 billion, claiming the brokerage failed to sufficiently explain a financial transaction.
Takefuji, a consumer lender, entered into a deal with Merrill Lynch in 2007 to remove a ¥30 billion bond from its balance sheet. As part of the transaction, Takefuji invested the same amount in a structured bond set up by Merrill Lynch, said Kentaro Itai, a Takefuji spokesman, in an interview.