Olympus Sued for $273 Million After 13-Year Fraud
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Olympus Corp. was sued by six banks for a total of 27.9 billion yen ($273 million) in damages, the largest amount among civil lawsuits filed against the Japanese camera and endoscope maker over a 13-year accounting fraud.
The banks seek compensation for damages resulting from false financial statements filed by Olympus between fiscal 2000 and the first quarter of fiscal 2011, the Tokyo-based company said in a statement today. Olympus said it received a notice from the plaintiffs’ attorneys that the lawsuit was filed April 7 and hasn’t yet been served with the suit.