Olympus-Woodford lawsuit settled

According to the Financial Times, both parties agreed on payment as high as 10 million £ (US-$ 15.7 million/Euro 7.99 million). “Hopefully, today can be a closure and a line has been drawn,” Woodford told the media. “The company needs to move on. There is a new Board, I need to move on.”

Following his dismissal in October 2011, Woodford had alarmed the media about irregular payments and financial transactions that had cost the shareholders the sum of approximately US-$ 1.3 billion. Later, the company admitted it covered up investment losses for decades and had used the questionable payments and write-downs to clear up its books. In March 2012, ex top executives of the company, including former Chairman Tsuyoshi Kikukawa, former Executive Vice President Hisashi Mori and ex Auditing Officer Hideo Yamada were indicted by Tokyo Prosecuters for violating Japan’s financial instruments and exchange acts.