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September 24, 2017

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Japan's Olympus to pay back US investors US$2.6 mil for scandal

TOKYO--Japanese camera giant Olympus said Friday it has agreed to pay US$2.6 million to settle a U.S. investor lawsuit stemming from a huge accounting scandal that hammered its shares.

The claim was filed two years ago by an investor who claimed that a loss cover-up by Olympus executives was responsible for its plunging stock price.

The scandal also battered the country's corporate governance image, and sparked probes by regulators in Japan, Britain and the United States.

Olympus stock dived in the wake of the scandal, but is now about 25 percent higher than before the loss cover-up was exposed. The firm's Tokyo-listed shares closed 1.60 percent lower to 3,060 yen on Thursday.

The U.S. investors who sued the company bought American Depositary Receipts, which hold shares in a foreign company but are priced in U.S. dollars.

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