Last month, a group of six Japanese banks sued Olympus Corp. for accounting fraud, requesting $273 million in damages. The suit, filed in Tokyo District Court, joined a series of earlier suits against the company by foreign investors. Olympus is now facing some 20 lawsuits, seeking a total of $851 million in damages.
In litigation-averse Japan, the cases, which stem from the 2011 revelation that Olympus executives hid losses for 13 years, represent something of a milestone, at least in terms of size.
