Olympus whistleblower Michael Woodford wins pension suit brought by Japan firm's U.K. subsidiary
The former CEO of Olympus, who blew the whistle in 2011 on a massive accounting scandal at the medical equipment maker, has won a London court battle over alleged wrongdoing linked to his £64 million (¥9.4 billion) pension. The Olympus U.K. subsidiary KeyMed sued Michael ...
Japan's Olympus to pay $85 million in U.S. for failure to report infections
Olympus Corp. said Tuesday it was fined $85 million in a plea deal reached with the U.S. Justice Department after admitting failure to report infections connected to its duodenum endoscopes to U.S. authorities. In the agreement, Olympus admitted it did not report three separate cases ...
Japan's digital camera shipments post first increase in seven years thanks to social media surge
Japan's digital camera industry, which has been hit hard by the explosive growth of the camera-equipped smartphone market, may have finally found a ray of hope — thanks to Instagram users showing off their private lives online. According to statistics released Thursday by the Camera ...
Sony-Olympus joint venture to market advanced HD surgical microscope
Sony Olympus Medical Solutions — a medical joint venture set up by Sony and Olympus in 2013 — says it has developed a new surgical microscope that could free doctors from the strains involved with operating older, unwieldy models over long periods of time. The ...
Olympus seeks deals and redemption after 2011 scandal
Five years ago, Olympus Corp. was caught up in the oddest of corporate scandals. Its then-CEO, Michael Woodford, uncovered an accounting scandal at the company that went undetected for years, besmirching the name of a once-proud Japanese maker of digital cameras and medical equipment. The ...
Ex-Olympus CEO Woodford sues company for breach of contract, four years after alleging fraud
Michael Woodford, the whistle-blowing former chief executive officer of Olympus Corp., has sued his former employer in the U.K. for breach of contract, more than four years after he alleged a $1.7 billion accounting fraud and 13-year cover-up at the firm. Woodford, who settled a ...
Once renowned for its economic success, recent business scandals have diminished Japan's influence and prestige on the world stage.
FDA orders duodenoscope makers to study device cleaning procedures
Federal health authorities are ordering manufacturers of specialized medical scopes to study how the reusable devices are cleaned following a series of life-threatening bacterial outbreaks at U.S. hospitals. The Food and Drug Administration said Monday that the three companies must submit plans to study how ...
Olympus waited years before reporting infection problems linked to its scopes, U.S. agency says
Federal regulators have uncovered new violations by the manufacturer of medical scopes recently linked to outbreaks of deadly "superbug" bacteria at U.S. hospitals. Olympus Corp. failed to alert regulators to a cluster of 16 infections in patients who underwent procedures with the company's scope in ...
The Olympus Air AO1 goes retro in a futuristic way The Olympus Air A01 was designed to turn any smart phone into a high-quality camera, and its advantage over other digital cameras is its small size — basically it looks like a lens. If you're ...
Toshiba case points to whistleblower law's shortcomings
One of the more intriguing questions stemming from the Toshiba accounting scandal is this: Where was the whistleblower? Top executives at the industrial conglomerate, which makes everything from refrigerators to nuclear reactors, padded pretax profit by at least ¥152 billion over six years, according to ...
