Takefuji Files For Bankruptcy

Takefuji Corp. a listed leading consumer lender filed for bankruptcy protection with Y 433.61 billion in outstanding debt. Takefuji was Japan's biggest lender with outstanding loans of 1.77 trillion yen in 2002, but it has fallen to the fourth with a loan size of about 589 billion yen in 2010. All consumer loan firms have been burdened by mounting claims by customers for reimbursement for excessive interest charges.