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News Summary: Olympus whistleblower wins millions

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News Summary: Olympus whistleblower wins millions
Submitted by Fox First at Ten on June 8th

By The Associated Press
SETTLEMENT: Former Olympus Corp. Chief Executive Michael Woodford will receive $15.4 million in a settlement after he was fired after he blew the whistle on dubious accounting.
COST CUTS: Olympus also says it will cut 2,700 jobs, or 7 percent of its global work force, by March 2014 as part of its cost-cutting efforts. It will scrap about 40 percent of its 30 manufacturing plants around the world by March 2015.
THE BACKDROP: The Tokyo-based company has acknowledged it hid 117.7 billion yen ($1.5 billion) in investment losses dating back to the 1990s.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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