Olympus sues executives for fraud, after report (BBC)

[eppur_se_muova]

Olympus has confirmed to the BBC that it is suing 19 current and former executives after a $1.7bn (£1bn) accounting cover-up at the firm.

It comes after an independent panel report looking into management involvement in the fraud.

The lawsuit, filed on 8 January, seeks up to 3.6bn yen ($46.8m; £30.3m) in damages.

The fraud was revealed after the camera company fired CEO Michael Woodford when he questioned dubious payments.

The case will focus on current and former board members, including ex-president Tsuyoshi Kikukawa, former vice president Hisashi Mori and auditor Hideo Yamada.
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more: http://www.bbc.co.uk/news/business-16480140




So ... why aren't US banks doing this ??

[flamin lib]

1. Mr. Maitaini would be so ashamed of them. nt

http://www.olympus-global.com/en/corc/history/lecture/lecture2/index.html