NS Solutions Corporation (the “Company”) hereby announces that the lawsuit filed against the Company by Mizuho-Toshiba Leasing Co., Ltd. (hereinafter referred to as “MTL”) for liquidated damages was settled as of today as detailed below.
1. Overview of the Lawsuit
| Court | Tokyo District Court |
|---|---|
| Date of Filing | March 31, 2020 |
| Parties Involved | Plaintiff: MTL Defendant: the Company |
| Claim Amount | 10,926,682,580 yen plus any applicable late charges |
2. Date of the Settlement
May 19, 2025
3. Settlement Payment
The Company will pay a settlement amount of 5 billion yen to MTL.
4. Future Outlook
A provision for litigation losses to cover the settlement amount was already incorporated in the financial statements for the fiscal year ending March 2025. Therefore, the settlement will have no impact on the consolidated financial results for the current fiscal year ending March 2026.
5. Voluntary Return of Compensation by Relevant Officers
Following the settlement, the Company has decided to accept voluntary returns of a portion of the executive compensations from officers involved in this matter at the time, including those who have since retired, further to the previous returns. Additionally, the representative director will also voluntarily return a portion of their compensation, considering the grave nature of the matter and its significant impact on the financial results for the previous fiscal year.