Tokyo, China-based Olympus reached a settlement with its foreign investors for $34 million in damages over an accounting scandal, Reuters reports.
Here's what you should know.
1. Olympus will pay $34 million to its foreign investors and they will dismiss remaining claims against the company.
2. In 2012, Olympus allegedly made several irregular payments for its acquisitions that resulted in a significant asset impairment charges. False financial statements concealed approximately ¥376 billion yen , according to the New York Times.
3. The company will record the payment as a special loss for its third quarter. It expects no change to the full year group forecast.