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$MFG: Mizuho Financial subsidiary reaches settlement agreement with SEC (3.23 -0.01)
Mizuho Securities USA, the U.S. broker-dealer subsidiary of Mizuho Financial Group, announced that it has entered into a Settlement Agreement with the SEC in relation to the agency's investigation of a collateralized debt obligation ("CDO") transaction in 2007. The agreement is subject to court approval. Under the terms of the settlement, Mizuho was not charged with fraud or intentional misconduct and the firm did not admit wrongdoing. Mizuho has agreed to pay $127.5 mln under the settlement. Resolution of this matter will not have a material adverse effect on the firm's financial statements. Mizuho cooperated fully with the SEC throughout this process. The firm agreed to the settlement to avoid protracted litigation and distraction and believes the settlement is the right outcome for its shareholders, clients and employees.
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