Woodford agrees settlement with ex-employer Olympus

LONDON Tue May 29, 2012 4:01pm IST

Former Olympus President and CEO Michael Woodford reacts as he speaks to the media after attending Olympus Corp's extraordinary shareholder meeting in Tokyo April 20, 2012. REUTERS/Toru Hanai/Files

Former Olympus President and CEO Michael Woodford reacts as he speaks to the media after attending Olympus Corp's extraordinary shareholder meeting in Tokyo April 20, 2012.

Credit: Reuters/Toru Hanai/Files

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LONDON (Reuters) - Michael Woodford, the ousted Olympus chief executive, has reached an out-of-court settlement with his former Japanese employer for unfair dismissal on grounds of whistleblowing and uncovering one Japan's biggest corporate frauds.

The deal on Tuesday came after a delay to an employment hearing in London that was set to throw an unwanted spotlight back on an $1.7 billion accounting fraud that cost the camera-to-endoscope maker its board and reputation.

The terms of the settlement were not immediately disclosed, but the payout was expected to run into the millions of pounds.

Woodford was seeking compensation for up to 10 years lost earnings at CEO level, according to reports, after he was sacked, ejected from his apartment and told to take the bus to the airport after just weeks in the top job.

The settlement is subject to approval by Olympus's board when it meets on June 8, and it the event the board does not ratify the deal, the case will be reopened.

(Reporting by Kirstin Ridley; Writing by Simon Meads; Editing by Jon Loades-Carter)

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