Olympus says six banks sue for 27.9 billion yen compensation over 2011 scandal

Reuters News
Posted: Apr 09, 2014 12:01 AM

TOKYO (Reuters) - Olympus Corp said on Wednesday that six trust banks have filed a lawsuit against the medical equipment maker seeking 27.9 billion yen ($273 million) in compensation related to false financial statements on losses from fiscal year 2000 to 2011.

The six trust banks include State Street Trust and Banking Co Ltd, Mitsubishi UFJ Trust and Banking Corp and The Nomura Trust and Banking Co Ltd.

Olympus became entangled in one of Japan's biggest accounting scandals in October 2011 as its British chief executive turned whistleblower and revealed details of investment losses that the company hid for decades.

($1 = 102.1100 Japanese Yen)

(Reporting by Dominic Lau; Editing by Edmund Klamann)