Ex-Olympus CEO Plans to Sue Company

January 6, 2012 at 4:30 am PT

Ousted Olympus Corp. Chief Executive Officer Michael Woodford said Friday he plans to sue his former employer for firing him without any legal basis, only hours after announcing his decision to drop his attempt to retake the company’s reins.

Mr. Woodford, who was dismissed as CEO and president in October after exposing an accounting scandal at Olympus, said he has already filed a lawsuit against the company with a tribunal court in the U.K. and that another lawsuit in Japan may follow.

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Tagged with: accounting, dismissal, Juro Osawa, lawsuit, Michael Woodford, Olympus, scandal, The Wall Street Journal

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