Woodford’s $60m job tribunal put on hold
THE $60m (£38.3m) tribunal case brought by former Olympus boss Michael Woodford was adjourned yesterday, prompting speculation he could reach an out-of-court settlement with the disgraced firm.
Woodford, who was ousted as chief executive and president in October, declined to comment last night after the hearing was cut short.
The case is due to resume today at East London tribunal service.
“If there is an extra lag, there is always a chance to settle and it to go no further,” said Jo Keddie, partner and head of employment law at Winckworth Sherwood.
But it could also give the judge needed more time to prepare, or enable both sides to finalise their arguments, she added.
Woodford, who has hired Simmons & Simmons, is seeking up to 10 years’ lost salary and says he suffered unfair dismissal on the grounds of whistleblowing and discrimination.
Olympus, which is being represented by Slaughter and May, claimed he failed to understand the firm’s management style and culture.
Any payout is likely to fall short of $60m but could still prove to be a record.
Woodford began the tribunal in Britain because of Olympus’ significant presence here. Its British headquarters are in Southend, where the former boss and his wife have a home.
Olympus has surprised some legal experts by failing so far to reach a settlement with Woodford, who has already published a book in Japanese about his experiences and plans another in English in the autumn.
Camera and endoscope firm Olympus has endured heavy criticism in corporate Japan following the exposure of a $1.7bn accounting scandal stretching back more than a decade.
A series of arrests have followed and an independent report said Olympus’ practices had been “rotten”.