THE LAWSUIT: Olympus Corp. is suing 19 former and current executives for damages that it says it has suffered over a massive cover-up of investment losses.

WHO KNEW: Olympus says the lawsuit follows an investigation by an independent panel that the company had set up. The panel's report says then-President Masatoshi Kishimoto, as well as subsequent executives, knew about the scheme, as did a small circle of employees.

FALLOUT: The scheme first came to light after former President Michael Woodford blew the whistle. It has raised serious questions about corporate governance in Japan and whether major companies are complying adequately with global standards.