Sumitomo to Settle, Pay $150 Million

The U.S. Commodity Futures Trading Commission will announce Monday that Japanese giant Sumitomo Corp. has agreed to pay a record $150 million to settle charges of illegal copper trades, a source familiar with the probe said. A CFTC spokesman said the agency will hold a news conference Monday morning, but he declined to give details. Sumitomo officials said Friday in Tokyo that the company would set aside $150 million in reserves to cover some of the future costs related to the copper scandal. Those funds will be used to pay the CFTC fine, the source said. The penalty is the largest in the agency’s history.