Olympus Decides Fighting Lawsuits for Accounting Scandal Not a Pretty Picture

Olympus Corp, proud owner of a $1.7 billion accounting scandal, decided to say sayōnara to 11 billion yen ($92 million) to settle two civil lawsuits brought by investors.

The company, who also settled litigation in the U.S. for $2.6 million in 2013, "had been defending against the claims, but decided that 'swiftly resolving this matter through settlement' was best to avoid further litigation and related legal costs."  No fun!

[Reuters]

 
 

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

RIP Bernard Ebbers, Former WorldCom CEO and Convicted Felon

So, ex-WorldCom CEO Bernie Ebbers died on Sunday at age 78. His death wasn’t a complete shock; I saw recently that he was in ill health and was granted an early release from prison after serving 13 years of his 25-year sentence for securities fraud, conspiracy, and filing false reports with regulators. My mom used […]

SEC Takes Away Privileges From Another Felon In KPMG/PCAOB Scandal

David Middendorf’s trial buddy, Jeffrey Wada, the now-former PCAOB inspections leader who fed confidential information about upcoming audit inspections to some folks at KPMG, including Middendorf, in the hopes of landing a job at the Big 4 firm, is now prohibited from appearing or practicing before the Securities and Exchange Commission as an accountant. Wada’s […]