The camera and medical equipment firm brought the case against ex-chairman Tsuyoshi Kikukawa and 15 others.
A Tokyo court found Kikukawa and five others liable for $529m.
The ruling comes comes six years after former chief executive Michael Woodford exposed his colleagues for falsifying accounts to conceal losses of $1.7bn.
The scandal was one of the biggest financial frauds in Japan's history, but Kikukawa and two other executives who pleaded guilty never went to jail. Instead, they were given suspended sentences of up to three years.
An Olympus spokesman declined to comment, saying the former employees could appeal against the ruling.
One of the six men found liable by the court has since died, but his family could still be held responsible for his share of the damages, according to the AFP news agency.

Hovertravel has said it will offer refunds after delays and cancellations in recent weeks on its services between Southsea and Ryde.
Commuters with season tickets will have up to two weeks added when they renew.
The operator said it was also temporarily bringing its Island Express craft back into service.
The firm said one of the new hovercraft, the Island Flyer, was currently out of action after suffering a transmission fault at Southsea on Wednesday.
Hovertravel said: "We are sorry for any disruptions as we introduce our new craft. We are confident that we will get there."
The new Solent Flyer and Island Flyer, costing Â£10m, were launched in the summer.
The firm said the compensation policy would remain in place until 31 March.
Hovertravel has been running ferries between Southsea and Ryde since 1965.

The current provider, Silcox Coaches, is facing an uncertain future after experiencing financial difficulties.
The Pembroke Dock-based company has 28 school contracts with Pembrokeshire council, but BBC Wales understands it intends to file for administration unless a buyer can be found.
Edwards Coaches will be the new provider after half term.
Based in Pontypridd, Edwards Coaches is the largest family owned coach-company in the country employing over 500 staff and operating 260 vehicles.
Its managing director Mike Edwards confirmed all former Silcox home-to-school transport routes will be operated by Edwards when school term resumes on Monday, 6 June.
Silcox Coaches operates a further 18 public transport routes in Pembrokeshire and separate arrangements are being considered for these services.

Billed as a business breakfast, Mr Brokenshire was listed as guest speaker alongside DUP leader and First Minister Arlene Foster.
However, Mr Brokenshire withdrew in the face of unwelcome publicity.
SDLP leader Colum Eastwood said he needs to show he is not favouring one Northern Ireland party over any other.
The story was first reported in the Irish News on Wednesday.
"It's quite clear, given the Tory party conference, champagne receptions and James Brokenshire agreeing to attend a fundraiser, that they seem to be working very closely together," Mr Eastwood told the BBC.
"That's fine on one level, but the British secretary of state and the British Government should not be in the pocket of any one party.
"He needs to now go overboard in demonstrating that he isn't captured by the DUP, that he is his own man and he's prepared to stand up for what's right in Northern Ireland - not for what Arlene Foster tells him."
People attending the event at a café in Lisburn, County Antrim, are being charging £30 a plate or £300 for a table of 10.
The invitation described it as "an excellent opportunity to network with business and elected representatives".
An NIO spokesman said that it does not "discuss [Mr Brokenshire's] diary and he is not attending the event."
The DUP refused to comment.
Last week, the DUP held a champagne reception at the Conservative conference amid claims the two parties have done a deal in the wake of the Brexit vote.
On Wednesday, the secretary of state met DUP MPs in what was described as a constructive and useful engagement.
The NIO said it was part of a series of meetings, with the MPs of all the Northern Ireland  parties represented at Westminster.
Six executives sacked by Japan's Olympus have been ordered to pay more than half a billion dollars in damages after a massive accounting fraud.
[NEXT_CONCEPT]
Passengers who suffer cancellations caused by "technical issues" with two new hovercraft are to be offered compensation.
[NEXT_CONCEPT]
An alternative coach company has been brought in to provide school transport in Pembrokeshire.
[NEXT_CONCEPT]
The Northern Ireland Secretary has pulled out of an event run by the DUP after it was revealed to be a party fundraiser.