Six Japanese banks are suing Olympus over the camera and medical equipment maker huge accounting scandal.<br /><br />They want 27.9 billion yen (198 million euros) damages because of the false financial statements submitted by Olympus over an 11 year period.<br /><br />The firm has been hit with multiple lawsuits, though it has only publicly recognised a handful of them. <br /><br />The six Japanese trust banks are seeking compensation on behalf of investors whose funds they held. They moved now to meet a deadline for submitting cases against Olympus three years on from the scandal being uncovered in 2011.<br /><br />Olympus saw its shares and profit dive then after newly appointed Chief Executive Michael Woodford alerted prosecutors and the media to a series of payments designed to cover up investment losses.<br /><br />Three former Olympus executives, including former chairman Tsuyoshi Kikukawa, were found guilty by a Japanese court in July 2013. They were given suspended jail sentences. <br /><br />Since then the company has swung back to profit with Sony becoming its biggest shareholder last year.
