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Olympus investors seek $240 million compensation

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November 13, 2012 09:28 AM EST | AP

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TOKYO — Olympus Corp. says nearly 50 shareholders have filed a suit seeking 19.1 billion yen ($240 million) in compensation for their investment losses stemming from a massive accounting scandal.

The Japanese camera and medical equipment maker said Tuesday that 48 mostly foreign institutional investors and pension funds filed the suit in Tokyo District Court in June. The court documents reached Olympus on Monday. The plaintiffs include the San Diego's city employees' retirement fund and a Singapore government unit.

Olympus said the financial impact of the lawsuit is unclear.

Officials at the company have acknowledged hiding huge losses for years, using overseas bank accounts, paper companies and dubious acquisitions to keep them off its books.