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Monday, November 28, 2005

Ahold to Pay $1.1 Billion to Settle U.S. Class Action

Royal Ahold NV, 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, Peter Wakkie, the executive board member responsible for Amsterdam-based Ahold's corporate governance, said today on a call. It's the biggest securities class-action settlement by a European company in the U.S. Ahold gets about two-thirds of its revenue from the U.S.

posted by Brian Moran @ 2:13 PM   0 comments

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