Court Approves Ahold's $1.1 Billion Payout

Law360, New York (June 19, 2006, 12:00 AM EDT) -- A federal court in Maryland has approved a $1.1 billion settlement agreement, bringing a 3-year old class action securities suit against Dutch retailer Royal Ahold N.V. to a close. U.S. shareholders filed the lawsuit in the wake of a massive accounting scandal that brought Royal Ahold to the brink of collapse in 2003.

The settlement is "fair to all parties" and removes a significant liability for Ahold, said Glenn Kurtz of the law firm White & Case, which represented Royal Ahold.

On June 16, U.S. District...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.