Royal Ahold just agreed to pay $1.1 billion to settle a world-wide class-action lawsuit in the Netherlands stemming from a 2003 accounting scandal. The settlement agreement was submitted to the United States District Court in Baltimore for approval.
Royal Ahold overstated sales of its US subsidiaries by $30 billion over the three-year period leading up to exposure of the fraud.
The link to the New York Times article on the settlement follows: http://www.nytimes.com/2005/11/29/business/worldbusiness/29ahold.html
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