Olympus eyes $1.2b suit
Monday, 9 January 2012
TOKYO, Jan 8 (Reuters): Scandal-tainted Olympus Corp is considering suing current and former executives for compensation totaling about 90 billion yen ($1.2 billion), while its new president is considering resigning, a source familiar with the matter said.
The endoscope maker is preparing a suit to help cover damages from a $1.7 billion accounting fraud that has savaged the 92-year-old firm's finances, market cap and reputation, the source said.
The suit is likely to include current executives who failed to spot the 13-year cover-up.
The endoscope maker is preparing a suit to help cover damages from a $1.7 billion accounting fraud that has savaged the 92-year-old firm's finances, market cap and reputation, the source said.
The suit is likely to include current executives who failed to spot the 13-year cover-up.