I didn’t expect that to come: Olympus has been sued by six Japanese trust banks for damages relating to a $1.7 billion accounting scandal in 2011. Reuters reports that they are seeking 27.9 billion yen ($273 million) for damages. Olympus at its last earnings briefing said it would set aside 17 billion yen ($166.49 million) to settle three of the cases it has publicly recognized.
I am a bit surprised to see Japanese banks going against a Japanese company. In a time of financial crisis like that isn’t it insensible to damage a Japanese company? Anyway, I am too far away from these kind of financial world to know what’s really going on. Maybe it’s just me…but have more sympathy in a company based on real economy and real product creation than in banks
P.S.: Just read the book from Jérôme Kerviel about the giant fraud he committed in France. It probably influenced (again) my negative impression about the current bank system in general.