Olympus Corp. said Wednesday it's being sued by six banks for a total of ¥27.9 billion in damages, the largest amount among civil lawsuits filed against the camera and endoscope maker over a 13-year accounting fraud.
The banks are seeking compensation for damages resulting from false financial statements filed by Olympus between fiscal 2000 and the first quarter of fiscal 2011, the Tokyo-based company said in a statement. Olympus said it received a notice from the plaintiffs' attorneys that the lawsuit was filed Monday, but hasn't yet been served with the suit.
The company in November lowered its profit forecast for fiscal 2013, citing cash set aside for lawsuits. The company cut its net assets by $1.3 billion in 2011 after admitting it tried to conceal past losses by inflating fees to advisers and overpaying for takeovers.