Arbitration and Damages Risk Relating to Bearing Defects
First written in FY2017-Q1. 9 of 11 entries say "Restated". Latest entry: FY2021-Q1.
- FY2021-Q1RestatedAnnual report
「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2020-Q2RestatedAnnual report
「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year, and there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2020-Q1RestatedAnnual report
「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2019-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter of the current consolidated fiscal year, and there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2019-Q2RestatedAnnual report
「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year, and there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2019-Q1RestatedAnnual report
「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2018-Q2RestatedAnnual report
「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year, and there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings. - FY2018-Q1RestatedAnnual report
「During the three-month period ended June 30, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the arbitration and damages risk relating to defective bearings described in the previous fiscal year. - FY2017-Q3MitigatedAnnual report
「After reviewing the award, we determined that the arbitration proceedings were defective and filed an appeal with the Stockholm District Court in February 2016. In January 2017, NTN-SNR agreed to a settlement with Volvo Powertrain AB. In connection with this settlement, ¥2,146 million was recorded as a reversal of losses related to the arbitration award under extraordinary gains.」
The arbitration and damages dispute with Volvo Powertrain AB was settled, and a reversal of losses of ¥2,146 million was recorded. - FY2017-Q2RestatedAnnual report
「In November 2015, our consolidated subsidiary NTN-SNR ROULEMENTS received a final award from the Stockholm Chamber of Commerce Arbitration Institute in Sweden ordering it to pay damages in connection with arbitration proceedings concerning defective bearings conducted with Volvo Powertrain AB in Europe. After reviewing the award, we determined that the arbitration proceedings were defective and filed an appeal with the Stockholm District Court in February 2016.」
The final award concerning the defective bearings and the appeal filed in February 2016 are reiterated. No new developments are indicated. - FY2017-Q1First statedAnnual report
「In November 2015, our consolidated subsidiary NTN-SNR ROULEMENTS received a final award from the Stockholm Chamber of Commerce Arbitration Institute in Sweden ordering it to pay damages in connection with arbitration proceedings concerning defective bearings conducted with Volvo Powertrain AB in Europe.」
A final award ordering payment of damages was received in connection with the defective bearing issue, and an appeal was filed.