Tracking more of Michael Woodford news, we now learn that the whistle-blowing CEO’s case is being delayed by the presiding employment tribunal Judge Foxwell. On the face of it, the reason behind the delay is cited as the judge needing more time to prepare for the case. However there could be a chance of out-of-court settlement as well.
So far the $1.7billion accounting scandal has cost Olympus its board and reputation. Should the case proceed for hearing, the judge plans to wrap it by Friday, latest. Woodford is represented by Simmons & Simmons and the camera giant, by Slaughter and May.
If Woodford does win this case, it is slated to be a path breaking record, where a whopping $60 million payout will be made. This will cover 10 years’ lost salary and unlimited damages. The only other thing he needs to worry about is proving that the case can be heard in Britain, based on the set criteria. Six months before stepping into the role of Olympus CEO, Woodford was the president of the company and was residing close to Olympus’s UK headquarters in Southend, southeastern England. In case it does get dismissed on the grounds of jurisdiction, Woodford plans a defamation suit in the High Court.