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June 11, 2012

Olympus settles with whistleblower

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 dismissal.

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.


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