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Sumitomo penalty: Japanese trading giant Sumitomo Corp. said that it would pay $158 million to U.S. and British regulators to settle charges stemming from a huge copper trading scandal. The settlement ends all pending regulatory investigations against Sumitomo over the illegal trades, the company said in a statement. The investigations stem from Sumitomo’s disclosure in June 1996 that its top trader, Yasuo Hamanaka, conducted unauthorized copper trades that eventually racked up $2.6 billion in losses.
