OLYMPUS FORMER CEO Michael C Woodford will seek $60 million in a lawsuit in the UK against the Japanese camera maker over his dismissal, according to a person familiar with the claim.

The case for unfair dismissal brought by Woodford following the uncovering of one of Japans biggest corporate frauds was delayed yesterday, sparking talk of an out-of-court settlement.

The employment tribunal began in London, throwing the spotlight back on a $1.7 billion accounting scandal that cost the camera-to-endoscope maker its board and reputation. But briefly into the proceedings, which had been planned to last five days, presiding Judge Foxwell gave the legal teams for Woodford and Olympus until Tuesday morning to put the finishing touches to their cases. The delay is a possible sign that Woodford and Olympus are negotiating a settlement.

Woodford was fired after he questioned $1.7 billion of payments that were later determined to be fraudulent, will sue for damages amounting to 10 years of lost earnings, according to the person, who spoke on the condition of anonymity, as the information is not public. – (Bloomberg)