Ahold NV, a Dutch supermarket chain, said it recently agreed to make a $297 million settlement to end a Waterbury class action awaiting in the Connecticut U.S. District Court. This is in regards to the pricing acts of U.S. Foodservice, a former subsidiary of Ahold, during the 1998 to 2005 period.
The deal will close out a legacy lawsuit since 2006 in relation to the U.S. Foodservice. Based on the agreement, the payment will occur in return from claims of all class members regarding the pricing practices.
It’s expected for the court to address the matter in the later part of this year or early next year, and is subject to a likely reduction and/or elimination resulting on compensable sales related to class members electing to opt out of the deal.
Ahold NV indicted it will make a provision record for about 215 million euros in the first quarter of this year. It will also be sending payment funding from its remaining cash balances. Payment is expected to happen later this year or in the early 2015.