Olympus ex-CEO Michael Woodford to sue company over dismissal

NEW YORK: Olympus Corp's former CEO Michael Woodford said he's suing the Japanese camera maker over his dismissal as he abandoned plans to wage a proxy battle for control of the firm. Woodford (51) filed a case in the UK last week seeking damages for the remainder of his four-year contract and additional costs, and may also file a case in Japan, the British national told reporters today in Tokyo. He declined to specify the amount he is seeking.

The announcement comes after Woodford gave up efforts to regain control of Tokyo-based Olympus, which fired him after he questioned $1.5 billion in takeover costs at the company that have become the center of criminal investigations. The former CEO, who was dismissed October 14, cited a lack of support from Japanese shareholders.

"None of the major Japanese institutional shareholders have offered one word of support to me," Woodford said in a statement earlier on Friday. They "have in effect allowed the tainted and contaminated board to continue in office."

Olympus rose 2.1% to 1,053 yen as of the 3 pm close of trading on the Tokyo Stock Exchange on Friday.