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...

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