The Straits Times
Published on Nov 13, 2012

Olympus says investors sue for $298m in damages


TOKYO (REUTERS) - Olympus Corp shareholders have filed suit against the company in a Tokyo court, seeking 19.1 billion yen (S$298 million) in compensation over an accounting fraud that was one of corporate Japan's biggest scandals.

The camera and medical equipment maker said on Tuesday that 48 institutional investors and pension funds, mostly foreign investors and pension funds including the Teachers' Retirement System of the State of Illinois and Pioneer Asset Management SA in Luxembourg, had filed the suit in Tokyo District Court.

"It is still unclear at this point how much this may affect our financial results," said Olympus spokesman Tsuyoshi Oshima.

Speaking at a quarterly earnings briefing on Monday, Olympus President Hiroyuki Sasa said the firm had accounted for potential lawsuits from sharesholders in its outlook for the financial year to March.