By: Jack Jones
UK schemes have joined 60 international institutional investors to sue Olympus for more than £40m over losses caused when the firm’s share price plunged after an accounting scandal.
The plaintiffs allege that they lost out after the high tech manufacturer hid losses through false statements and commissions from company reports over more than a decade to 2011.
The company, and three senior executives, ex-president Tsuyoshi Kikukawa, auditor Hideo Yamada and executive vice Hisashi Mori pleaded guilty to hiding the losses in 2012.
The group of investors, which includes institutions from the US, Canada, Netherlands and Denmark as well as eight UK pension schemes are seeking damages of 5.9bn Japanese yen (£42m).
The UK schemes involved are the British Coal Staff Superannuation Scheme, Royal Borough of Kingston upon Thames Pension Fund, HBOS Final Salary Pension Scheme, Lloyds TSB Pension Schemes 1 and 2, Shell Contributory Pension Fund, Pearson Group Pension Plan, and Nationwide Pension Fund.
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