ID NEWS: Ahold expects to pay damages in U.S. class-action suits

ZAANDAM, The Netherlands-Royal Ahold expects to have to pay damages in the U.S., according to a European newspaper, Het Financieele Dagblad, as reported by Reuters.

The damages would be a consequence of a number of U.S. class-action lawsuits stemming primarily from an accounting scandal involving profit overstatements by U.S. Foodservice, Columbia, MD, Ahold's American broadliner subsidiary. However, Peter Wakkie, Ahold's corporate governance counsel, declined to say whether the damages would take the form of an out-of-court settlement or follow a court ruling.

Wakkie reportedly said that criminal investigations by the U.S. Justice and Labor Departments, as well as civil probes by the U.S. Securities and Exchange Commission, New York Stock Exchange and National Association of Securities Dealers, should conclude within a year.


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