Olympus Loses Bid to Revoke Ex-CEO's $84 Million Pension
- Lawsuit relates to penson of ex-head Michael Woodford
- Woodford blew whistle on alleged accounting fraud at Olympus
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Olympus Corp. lost a U.K. lawsuit that tried to block the pension of former head Michael Woodford after he blew the whistle on an alleged $1.7 billion accounting fraud and 13-year cover-up at the firm.
The Olympus division Keymed Ltd. brought the suit against Woodford and his former colleague Paul Hillman in a London court. Keymed alleged that the former executives conspired to boost their pensions and hide the plan from the board, according to a court filing. Woodford’s pension was calculated to be about 65 million pounds ($85 million), according to a filing by Keymed.