Olympus settled claim from Japan’s GPIF over scandal – source

By: | Published: July 5, 2016 3:45 PM

Olympus Corp last year settled a claim for damages from Japan's public pension fund for losses stemming from the medical-equipment maker's 2011 accounting scandal, a person familiar with the matter told Reuters on Tuesday.

Olympus Corp last year settled a claim for damages from Japan’s public pension fund for losses stemming from the medical-equipment maker’s 2011 accounting scandal, a person familiar with the matter told Reuters on Tuesday.

Olympus shares plummeted more than 80 percent in October-November 2011 and fell as low as 424 yen. The stock closed at 3,755 yen on Tuesday. (Reuters)Olympus shares plummeted more than 80 percent in October-November 2011 and fell as low as 424 yen. The stock closed at 3,755 yen on Tuesday. (Reuters)

Japan Trustee Services Bank Ltd, which manages the Government Pension Investment Fund’s domestic stock portfolio, filed a 3.89 billion yen ($38 million) shareholder claim against Olympus in April 2014, settling a year later, the person said.

The settlement amount could not immediately be determined. GPIF, the world’s biggest pension fund, has reinvested the amount in domestic stocks, said the person, who declined to be identified because the details are private.

A GPIF spokesman confirmed it had made the claim and said the fund would announce the settlement amount on July 29.

An Olympus spokeswoman declined to comment.

Olympus shares plummeted more than 80 percent in October-November 2011 and fell as low as 424 yen. The stock closed at 3,755 yen on Tuesday.

In May, GPIF sued Toshiba Corp for 964 million yen ($9.2 million) through an asset manager for losses related to the technology and industrial conglomerate’s $1.3 billion accounting scandal last year.

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