Olympus Settles with Trust Banks over Loss Cover-Up

August 1, 2018

Tokyo- Medical device and camera maker Olympus Corp. has reached a 19-billion-yen settlement in a damages lawsuit filed by six trust banks over its cover-up of massive losses, revealed in 2011.

The settlement money is the largest in a series of lawsuits over the cover-up scandal.

The trust banks include Mitsubishi UFJ Trust and Banking Corp. and Master Trust Bank of Japan, according to Olympus's announcement on Tuesday.

The settlement cost will be included in the company's April-June earnings report due out next Tuesday.

"We found that the best way would be to resolve the dispute at an early date through a settlement," an Olympus public relations official said.

In the lawsuit raised in April 2014, the six plaintiffs demanded a total of 27.9 billion yen in damages. Jiji Press