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News Summary: Olympus, whistleblower settle case

The Associated Press

THE DEAL: Japanese camera maker Olympus Corp. has reached a settlement with whistleblower Michael Woodford, who had been suing over his dismissal as chief executive.

THE SCANDAL: Woodford was fired in October after he blew the whistle on dubious accounting at Olympus. The Tokyo-based company has acknowledged it hid investment losses dating back to the 1990s.

WHAT HAPPENS NOW: Olympus's board must sign off on the settlement. Terms were not disclosed.