Olympus is to payout a settlement of £10m
($15.5m) to former chief executive Michael Woodford, who blew the
whistle on the camera maker’s faulty accounts last year.

The settlement comes after Woodford, who was
the first UK leader of the Japanese company, filed an action
against Olympus at the UK Employment Tribunal for unfair

The Olympus $1.1bn balance sheet hole came to
light after Woodford prompted questions over questionable
acquisition deals, after being fired by the firm in late 2011.