Last week, Olympus Corp. admitted that former executives disguised more than $1 billion in investment losses as fees and costs incurred in a series of acquisitions. The disclosure raised the prospect of a de-listing from the Tokyo Stock Exchange, a potentially catastrophic blow to shareholders who have already lost 80 percent of the value of their holdings in the month since the scandal first surfaced.

In America, lawyers would be strapping in for years of litigation. First, prosecutors would take their shot at getting stiff sentences handed down to the responsible executives. Then securities class action lawyers would have their field day.

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