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Michael Woodford

Olympus says being sued by six banks for $273 million over 2011 scandal

Olympus Corp on Wednesday said six Japanese trust banks have filed a lawsuit against the endoscope maker seeking 27.9 billion yen ($273 million) for damages relating to a $1.7 billion accounting scandal in 2011.The six banks, which include State Street Trust and Banking Co Ltd, Mitsubishi UFJ Trust and Banking Corp and The Nomura Trust and Banking Co Ltd, are seeking compensation for false financial statements submitted by Olympus in the 11 years to 2011.Damages from the scandal continue to weigh on Olympus, with the announcement marking the fifth lawsuit it has publicly recognized. The company says that nearly 20 cases have been submitted to courts seeking a total of 85.6 billion yen.Olympus at its last earnings briefing said it would set aside 17 billion yen ($166.49 million) to settle three of the cases it has publicly recognized, which sought a total of 44 billion yen and were brought by overseas investors and medical equipment maker Terumo Corp.The other two claims, including the ...

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  1. Ex-banker accused of helping in Olympus fraud granted bail

    A former Singapore banker charged with helping Japan's Olympus Corp engineer a $1.7 billion accounting fraud was granted bail by a U.S. judge on Friday.Chan Ming Fon...

  2. Banker sent to New York to face charges in Olympus fraud case

    Los Angeles (Reuters) - A former Singapore banker accused of helping "liquidate" hundreds of millions of dollars in an accounting fraud at Japan's Olympus Corp <7733...

  3. Former Singapore banker arrested in U.S. over Olympus fraud

    A former Singapore banker was arrested in Los Angeles on Thursday and accused of helping "liquidate" hundreds of millions of dollars in an accounting fraud at Olympu...

  4. Ex-banker arrested in U.S. over Olympus fraud

    A former Singapore banker was arrested in Los Angeles on Thursday and accused of helping "liquidate" hundreds of millions of dollars in the Olympus Corp <7733.T> acc...

  5. Taiwanese man arrested in U.S. in Olympus probe

    Banker Chan Ming Fon was arrested in Los Angeles on Thursday and accused of helping "liquidate" hundreds of millions of dollars in the Olympus Corp <7733.T> accounti...

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    Japanese electronics maker Panasonic Corp has no plan to invest in Olympus Corp , President Fumio Ohtsubo told Reuters on Thursday, contradicting a media report it w...

  7. Sony, Fujifilm Top Rivals for Olympus Tie: Sources

    Sony Corp and Fujifilm Holdings are leading contenders for an equity stake in Olympus Corp , sources familiar with the situation said, as the scandal-hit medical equ...

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