New York City, Since November 2005, Dutch retailer Ahold and its shareholders have been waiting for court approval for their $1.1 billion class-action settlement related to the Dutch retailer’s accounting scandal from 2003.
It finally came.
The retailer said the U.S. Maryland District Court granted preliminary approval of the agreement on Monday.
Ahold generates 70% of its sales in the United States, where it operates the Stop & Shop, Giant and Tops supermarket banners. It was revealed back in 2003 that the company overstated profits by some $1.2 billion, a revelation that sparked shareholder lawsuits.