Ahold to Settle U.S. Lawsuit for $1.1 Billion
Royal Ahold, the Dutch owner of the Giant and Stop & Shop supermarket chains, agreed to pay $1.1 billion to settle a U.S. class-action lawsuit over the company’s false earnings statements.
The accord will result in a third-quarter cost of 585 million euros after taxes, said Peter Wakkie, the executive board member responsible for Amsterdam-based Ahold’s corporate governance. It’s the biggest securities class-action settlement by a European company in the U.S., where Ahold gets about two-thirds of its revenue.
The agreement ends all civil litigation against Ahold in connection with its $1.14-billion profit overstatement.
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