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Former AIJ heads into bankruptcy over retirement assets

TOKYO -- Bankruptcy proceedings are set to begin for the former AIJ Investment Advisors, the Tokyo firm that became infamous nearly four years ago for losing tens of billions of yen in individuals' retirement savings.

     The company now known as MARU goes down as the biggest Japanese bankruptcy case so far this year, with 131.3 billion yen ($1.07 billion) in liabilities, according to Tokyo Shoko Research. At least 100 billion yen of the pension assets for which AIJ was responsible -- much of it invested on behalf of umbrella plans for groups of small and midsize businesses -- appears uncollectible.

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