Former chief executive of Olympus Michael Woodford has reached a provisional out-of-court settlement prior to his compensation claim for unfair dismissal getting underway, it has emerged.
The preliminary hearings of Mr Woodford's employment tribunal took place in London yesterday and the professional was supposedly set to seek up to £38 million in damages from the Asian technology giant following his sacking last October.
However, according to Sky News, last minute talks between the two parties before the case started have resulted in Mr Woodford accepting an undisclosed sum in damages.
This agreement must be ratified by the board at Olympus before being finalised, but reports suggest a settlement of around £10 million.
Mr Woodford told the news source: "I'm not at liberty at the moment in terms of the agreement to go in to any detail, but I genuinely hope that for the interest of Olympus that it helps them move forward and also my own life and that of my family's."
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Posted by Francesca Witney