Olympus whistleblower wins millions in settlement

5:16 AM, Jun 8, 2012   |    comments
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TOKYO -- Former Olympus Corp. Chief Executive Michael Woodford will receive £10 million (¥1.2 billion, $15.4 million) in a settlement over his dismissal from the Japanese camera and medical equipment maker.

Last week, both sides said they reached a settlement.

Olympus disclosed the figure Friday, following approval from its board. It said the dispute was being brought to a close.

Woodford, a Briton, was fired in October after he blew the whistle on dubious accounting at Olympus.

The Tokyo-based company has acknowledged it hid ¥117.7 billion ($1.5 billion) in investment losses dating back to the 1990s.

Woodford sued in a British court, accusing Olympus of unlawful firing and discrimination in not treating him the same way as a Japanese executive.

The Associated Press

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