Olympus files suit against its own execs

TOKYO, Jan. 10 (UPI) -- Japanese camera and medical device maker Olympus said it is suing 19 past and present executives, including its current president, for nearly $50 million.

In a fight to regain its credibility, the company is seeking $47 million from the executives, including $6.5 million from current President Shuichi Takayama, The New York Times reported Tuesday.

Some shareholders say the lawsuit does not go far enough to erase the current accounting scandal at the giant corporation.

Olympus recently admitted it had put together an elaborate accounting scheme to hide $1.7 billion in losses from the public.

Former President and Chief Executive Officer Michael Woodford, who was fired for exposing the coverup, was critical of the lawsuits.

"The only way forward is an entirely new board of directors, untainted by the past scandal," he said in an e-mail.

Woodford was specifically critical of three board members who fired him, who remain on the company's board. "If these three individuals continue in office, it is completely the wrong basis to revitalize Olympus," Woodford said.

Josh Shores, a principle at Southeastern Asset, the largest foreign shareholder, said, "We maintain that the board should be replaced and a new board should oversee the company's revival."