Olympus Corporation (OCPNF) Sues Execs Over Cover-up, Eyes $1.2B Lawsuit

1/10/2012 9:01:12 AM

Japan's disgraced Olympus Corp is suing its president and 18 other executives, past and present, for up to $47 million in compensation, as it struggles to recover from one of the nation's worst accounting scandals. The maker of cameras and medical equipment said on Tuesday all board members subject to the lawsuit would quit in March or April, leaving it in the extraordinary position for now of continuing with its most senior executive, Shuichi Takayama, and five other directors it is suing for mismanagement.

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