Terumo sues Olympus over share price fall

JIJI

Terumo Corp. said Tuesday it has filed a lawsuit against Olympus Corp. over a fall in the value of its holdings of Olympus shares following the optical equipment maker’s huge loss coverup scandal.

Terumo, a medical equipment maker, did not say how much it is demanding in damages, but the figure is believed to be in the billions of yen.

Olympus share prices plummeted after the coverup came to light. Terumo holds 2.1 percent of Olympus shares.

Terumo has proposed investing ¥50 billion in Olympus and integrating the two firms’ operations by setting up a joint holding company.

Shoji Hatano, a Terumo senior executive officer, said at a news conference that the company decided to take the legal action to maintain its accountability to its shareholders, and that the lawsuit and the business integration proposal are completely different matters.