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Press Releases 2007

Settlement of a Lawsuit Against an Affiliated Company

Jun. 18, 2007

SOFTBANK CORP. (hereinafter ‘SOFTBANK’) announces that as of 15 June, 2007 (EST) it has received an order dated 14 June, 2007 (EST), by the United States Bankruptcy Court (Southern District of New York), that approves a settlement with the plaintiffs concerning the lawsuit described in the 23 January, 2006 press release ‘Announcement of the Withdrawal of a Lawsuit and the Filing of Another Lawsuit against an Affiliated Company’ The details are as stated below.

1. Litigants

Plaintiffs
  • (1) Trustees of MarketXT Holdings Corp.
    (hereinafter ‘MarketXT’)
  • (2) The Official Committee of Unsecured Creditors of MarketXT
Defendants
  • (1) SOFTBANK TELECOM Corp. (Former SOFTBANK FINANCE CORPORATION, head office; Minato-ku Tokyo, Representative; Masayoshi Son, hereinafter ‘SBTM’)
  • (2) SBI Investment Co., Ltd. (head office: Minato-ku, Tokyo; President & CEO: Yoshitaka Kitao, hereinafter ‘SBII’) as managing partner of SOFTBANK CONTENTS FUND

2. Description of settlement

SBTM and SBII will jointly make the settlement payment totaling USD 18 million (JPY 2,216 million, converted at the rate of USD 1 = JPY 123.15) and the litigants of the lawsuit withdraw all the claims against their adversary parties and the concerned (the representatives, directors, employees and all the others concerned) and will not file any claims regarding this case in the future.

3. Reason for settlement

Taking the future expenses and the risks due to prolonged litigation into consideration, it was judged to be appropriate to pay a small amount of settlement to reach the settlement at this time.

4. Impact on financial results

SBTM already accrued JPY 1,493 million as special loss for legal expenses in the closing results of the fiscal year ended Mach 31, 2007, therefore the impact on the consolidated results of SOFTBANK for the fiscal year ending March 31, 2008 is expected to be minor.

  • *The information is true and accurate at the time of publication.
    Price, specification, contact and other information of products and service may be subjected to change. The information contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.