Olympus reveals ¥19 billion suit

Kyodo

A ¥19.1 billion damages suit has been lodged by 48 institutional investors against Olympus Corp. over losses following its loss-coverup scandal, the company said.

Manulife Life Insurance Co. and 47 overseas pension funds filed the suit with the Tokyo District Court on June 28, saying they incurred losses on their Olympus shares, the camera and medical equipment maker said Tuesday.

Olympus, which saw its stock price plummet following revelations last year that it concealed massive investment losses, said it made the suit public after it had received all the necessary documentation by Tuesday.

Olympus said it is uncertain how much the suit will impact its business. In addition to the foreign investors, domestic shareholders have also sued Olympus for compensation, casting a cloud over the recovery of the scandal-tainted company.

The investors claim they incurred losses after the firm’s share price plunged in the wake of revelations that Olympus overstated its actual net assets between fiscal 2000 and fiscal 2010.