Tribunal: Olympus strikes ‘deal’ with Woodford (update 11.45am)
May 29, 2012
Former Olympus CEO Michael Woodford, pictured at his London home
shortly after he exposed the £1.1 billion accounting cover-up. At the time, he was receiving police protection and compared the drama to a John Grisham novel
A spokesperson for the East London Tribunal confirmed to Amateur Photographer (AP) that a settlement has been reached between both parties, adding that no further hearings will take place this week.
News agency Reuters reports that the terms of what is believed to be a ‘multi-million-pound deal’ have not yet been disclosed.
Last night, the Financial Times reported that the whistleblower was prepared to accept £10m.
Woodford had launched a legal battle against Olympus for unfair dismissal and discrimination after he was fired last October.
Olympus initially claimed that Woodford lost his job over a clash of management styles.
The firm later owned up to a financial cover-up stretching back to the 1990s.
Olympus Tokyo had yet to respond to AP’s request for comment at the time of writing.
Olympus must first approve the settlement at a board meeting next month, adds the Reuters report.
The tribunal hearings had been due to last for the rest of this week.
[Picture credit: C Cheesman]