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Institutional Investors Reach 11 Billion Yen Settlement with Japan-based
Manufacturer, Olympus
MIAMI, April 2, 2015 - Global securities litigation firm DRRT on behalf of institutional
investors reaches 11 billion yen ($92 million) settlement with Olympus, Japan-based
manufacturer of products such as imaging systems and cameras. The settlement,
Japan’s largest of its kind, was announced on March 27, 2015 and ended litigation that
followed a 2011 public disclosure of accounting fraud exposed by the companies’
former CEO Michael Woodford.
For several years prior to the 2011 disclosure, Olympus misrepresented its financial
condition, falsified financial statements, periodic reports, other communications, and hid
large operating and investment losses, artificially inflating its stock price, which lead to
substantial investor losses.
DRRT broke new ground with an early, pre-judgement mediation and preliminary
settlement in October 2013, however, the case faced significant cultural hurdles that
stretched the settlement documentation process to this point.
Alexander Reus, DRRT Managing Partner, explains, “Once the fraud was exposed, we
introduced the concept of Alternative Dispute Resolution to Olympus as a possible
solution to resolving shareholder claims in the Japanese system.”
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Reus adds, “This case demonstrates the importance of introducing and pursuing
alternatives of loss recovery beyond U.S. courts. Providing the correct alternative is an
integral strategy of global investor protection and leads to a successful outcome if done
correctly, as shown in the Olympus case. Both sides are now relieved.”
DRRT is a Miami-based international law firm and litigation funder that assists global
institutional investors with the recovery of losses resulting from misstatements by public
companies through private securities actions, class actions, derivative suits, and other
loss recovery methods. DRRT is active in 11 countries and currently handles cases of
investor loss recovery exceeding $10 billion. For further information visit or
contact Silja Krause, Public Relations Manager, at [email protected].
See also: Law360 article Olympus To Pay Investors $92M Over Alleged Fraud
(subscription-based) and blog post The Curse of Multi-Jurisdiction Litigation: A Problem
for Everyone, Not Just Defendants.
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