Deminor Recovery Services/Olympus
Olympus, a Japan-based manufacturer of cameras and medical equipment, was found to have hidden $1.7 billion worth of losses since the early 1990s.
Olympus, a Japan-based manufacturer of cameras and medical equipment, was found to have hidden $1.7 billion worth of losses since the early 1990s. In what was one of the biggest loss-concealing financial scandals in the history of corporate Japan, the company’s stock market valuation was wiped by around 80% in under a month in 2011, leading to investigations across the UK, the US and Japan. FRA was retained by Deminor Recovery Services, who were acting on behalf of more than 60 institutional investors who had been defrauded by Olympus’s actions.
FRA acted as economic adviser to Deminor in their legal action against Olympus Corporation and produced an expert report on the impact of the fraud on the company’s share price before and after disclosure.
In 2016, after four years of litigation, the Tokyo District Court approved an in-court settlement allowing the plaintiffs to recover 45% of their recoverable losses for which they claimed compensation in the lawsuit. This settlement was to be, upon payment, the highest recovery achieved by non-Japanese investors, relative to the amount of their claims, in any of the lawsuits settled so far by Olympus at the time (source: Deminor).
Expert Determination in an M&A Dispute
FRA was retained by a global chemicals company to represent them in post-closing purchase price adjustment dispute in connection with a $1.1 billion Stock and Asset Purchase Agreement. The submissions prepared and supported by FRA’s analysis resulted in a favorable determination for our client.More info
International Arbitration Related to Commodity Trading
FRA was approached by the plaintiff in a $1.5bn claim in an international commercial arbitration to provide expert reports and witness testimony that proved in the arbitration finding for the plaintiff.More info
High Court Claim related to Oil & Gas Services Company
Our client was defending a multi-billion dollar High Court claim in relation to alleged breaches of a long-term logistics contract. FRA was engaged to provide expert witness support and evidence in relation to the calculation of potential damages associated with loss of profits.More info
Arbitration involving Bribery and Corruption
FRA was engaged by an arbitration panel to act as an independent party, to identify any corruption red flags associated with royalty payments.More info
FRA was engaged by Petrofac and its external counsel to support the company’s plea discussions with the SFO, which had been investigating the company for several years in relation to bribery allegations contrary to the UK Bribery Act.More info
A European bank approached FRA to perform an initial evaluation of its exposure related to customers allegedly involved in money laundering activities. This was of concern to the client given the potential regulatory, financial and reputational implications for the bank.More info
Class-action Lawsuit challenging Solitary Confinement in US Prisons
FRA was approached by our client, White & Case, to provide pro bono support to the ACLU in their federal class-action lawsuit seeking to end solitary confinement in two Virginia prisons.More info
Multinational Transport Engineering Company
FRA was retained by US counsel to Alstom (market cap: over $10 billion) to assist with defending a US securities class action suit. The case involved allegations around export credit financing of a division that Alstom had sold to a third party.More info
Multinational Insurance Firm
FRA was retained by a major European-headquartered insurer (market cap: over $60 billion) involved in a legal dispute with a US client. The US-based litigation required a potentially wide-ranging and costly eDiscovery exercise.More info
FRA advised Airbus and its counsel from the early stages in designing a robust and forensically based approach to the investigation, customising a data governance strategy alongside compliance risk assessment and remediation support, as well as the eventual fine calculation.More info