White & Case and Entwistle end Royal Ahold dispute

White & Case and US litigation specialist Entwistle & Cappucci have negotiated a $1.1bn settlement bringing the dispute between Dutch food retailer Royal Ahold and its shareholders to an end.
White & Case New York litigation partner Glenn Kurtz led Ahold’s defence of the securities class action. Founding partner of Entwistle & Capucci Andrew Entwistle was lead counsel for the claimants, the Colorado Public Employees Retirement Association.
The case was brought after Ahold revealed in 2003 that profits had been falsely inflated at a US subsidiary. The announcement resulted in a share collapse.
The settlement will see Ahold pay a total of $1.1bn into a fund available for distribution to shareholders who lost money in the collapse.
A civil suit against auditors Deloitte is still being pursued.