Banks Sue Olympus Over $1.7B Accounting Scandal

By Matthew Villmer (April 9, 2014, 6:36 PM EDT) -- Olympus Corp. announced Wednesday that six Japanese banks had filed suit against the medical device and camera maker, demanding 27.9 billion yen ($273 million) for losses related to a $1.7 billion accounting scandal that rocked the company in 2012.

The lawsuit stems from losses State Street Trust and Banking Co Ltd., Mitsubishi UFJ Trust and Banking Corp., and other banks suffered due to allegedly fraudulent financial statements published by Olympus, spanning 11 years. Olympus said it did not immediately have an understanding of the lawsuit's impact on its business.

"Because calculations are difficult at the moment, considering the present litigation, the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!