28 November 2005 – Amsterdam (NL): Dutch retailer Ahold has agreed to pay $1.1 billion to settle a class action lawsuit brought by shareholders following the firm’s 2003 accounting scandal.
The company shocked investors when it revealed it had overstated earnings by nearly €1 billion ($1.18 billion), mainly at its US Foodservice business.
Market reaction was lukewarm to the Ahold announcement, as investors await news on the company’s strategy.
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