Summary Box: Olympus sues executives for damages

Associated Press

Published: Tuesday, Jan. 10 2012 4:26 p.m. MST

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FILE - In this Dec. 7, 2011 file photo, Olympus President Shuichi Takayama contemplates before he answers reporters' questions during a press conference in Tokyo. On Tuesday Jan. 10, 2011, Olympus Corp. said it has sued 19 former and current executives for damages the Japanese camera and medical equipment maker says it has suffered over a massive cover-up of investment losses. The lawsuit, filed Sunday in Tokyo District Court, targets former CEO Tsuyoshi Kikukawa, current President Shuichi Takayama and 17 other executives that the company says participated in or knew about the fraudulent activity.

Junji Kurokawa, File, Associated Press

Summary

SUIT: Olympus Corp. is suing 19 former and current executives for damages that it says it has suffered over a massive cover-up of investment losses.

THE LAWSUIT: Olympus Corp. is suing 19 former and current executives for damages that it says it has suffered over a massive cover-up of investment losses.

WHO KNEW: Olympus says the lawsuit follows an investigation by an independent panel that the company had set up. The panel's report says then-President Masatoshi Kishimoto, as well as subsequent executives, knew about the scheme, as did a small circle of employees.

FALLOUT: The scheme first came to light after former President Michael Woodford blew the whistle. It has raised serious questions about corporate governance in Japan and whether major companies are complying adequately with global standards.

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