News Summary: Olympus whistleblower wins millions

News Summary: Olympus whistleblower wins millions over unlawful dismissal

Associated Press
News Summary: Olympus whistleblower wins millions
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FILE - In this April 19, 2012 file photo, former Olympus Corp. Chief Executive Michael Woodford speaks during a press conference in Tokyo. Briton Woodford will receive 10 million pounds (1.2 billion yen, $15.4 million) in a settlement over his dismissal from the Japanese camera and medical equipment maker. Olympus also announced Friday, June 8, it will cut nearly 3,000 jobs. (AP Photo/Shuji Kajiyama, File)

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.

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