Sumitomo Mitsui Construction (TYO:1821) said litigation filed by Mitsui Fudosan Residential will continue after a Tokyo court's mediation order was rendered void, according to a Monday filing on the Tokyo Stock Exchange.
The Tokyo District Court had issued a settlement order on March 13 under Article 17 of the Civil Mediation Act, which required Sumitomo Mitsui Construction to pay 3.08 billion yen and mutually confirm no outstanding claims with co-defendants.
However, Mitsui Fudosan Residential objected on March 21, nullifying the order under Article 18.
The company said it will continue to contest the case in court and does not currently expect a material impact on its business performance.
Shares gained over 4% in morning trade Tuesday.
Price (JPY): $407.00, Change: $+15, Percent Change: +3.83%
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