Ahold signs off on $297 million settlement
Ahold signs off on $297 million settlement
Ahold has agreed to settle a pending class action lawsuit in respect to pricing practices of Ahold's former subsidiary U.S. Foodservice. Ahold has agreed to make a payment of $297 million to resolve the issue.
Although U.S. Foodservice, now U.S. Foods, was sold in a $7.1 billion deal in July 2007, a condition of the sale was that Ahold maintained responsibility for damages arising out of this class action, referred to in Ahold's annual reports as the "Waterbury litigation."