 |
 |
 |
 |
KONINKLIJKE AHOLD: Settlement Fund to Investors Set for Release
Entwistle & Cappucci LLP, Lead Plaintiffs' counsel appointed by the U.S. District Court for the District of Maryland, in the Settlement of the class action against Royal Ahold N.V. (nka Koninklijke Ahold N.V.) in the U.S., will begin distributing payments from the Ahold Net Settlement Fund to Class Members.
The distribution to Class Members who submitted valid and supported claim forms is pursuant to an Oct. 3, 2007, Order issued by the Honorable Catherine C. Blake of the U.S. District Court for the District of Maryland.
In June 2006, Judge Blake entered a final order and judgment approving Royal Ahold's settlement of the suit "In re Royal Ahold N.V. Securities & ERISA Litigation," for US$1.1 billion (EUR937 million).
Class Members will receive their Settlement Payments by check or by electronic funds transfer. Claimants will be paid by electronic funds transfer only if they provided correct account numbers and related details. Claimants who did not provide complete and accurate bank account information will be paid by check. Claimants who did not receive a notice from the Claims Administrator indicating that their claim would be rejected should monitor their mail or their bank account for their Settlement Payment.
The Settlement Payments authorized by the Court's Oct. 3, 200,7 Order represent an initial distribution of 95% of the Ahold Net Settlement Fund.
If Settlement Payment is more than US$300 (approximately EUR209.00) claimant will receive a second Settlement Payment within the next approximately 12 months.
Claimants who are entitled to a payment of US$300 or less will receive full payment in this distribution.
Claimants entitled to more than US$300 will receive two distributions with the first payment constituting approximately 95% of the total amount of the claimant's claim and the second payment constituting approximately 5% of the total amount of the claimant's claim.
The Ahold Settlement Fund is a "Qualified Settlement Fund," as defined in United States Treas. Reg. Section 1.468B-1 through 5. The tax treatment of your Settlement Payment will vary based upon your tax status and treatment of your investments.
Case Background
The lawsuit stems from a 2003 accounting scandal that forced the company to restate earnings by US$1.1 billion over three years. Most of the problems were related to inflated earnings at the company's U.S. Foodservice subsidiary in Columbia. It alleged that Ahold N.V. misled investors by presenting an inaccurate financial picture of the company to stockholders and inflating the price of its common stock.
It alleged claims against Ahold and Ahold USA, Inc., Ahold USA Holdings, Inc., U.S. Foodservice, Inc., Cees Van der Hoeven, Michiel Meurs, Henny de Ruiter, Cor Boonstra, James L. Miller, Mark Kaiser, Michael Resnick, Tim Lee, Robert G. Tobin, William J. Grize, Roland Fahlin, Jan G. Andreae, ABN AMRO Rothschild, Goldman Sachs International, Merrill Lynch International, ING Bank N.V., Rabo Securities N.V., and Kempen & Co. N.V. based upon the matters that Ahold first announced on Feb. 24.
The settlement of the suit covers Ahold, its subsidiaries and affiliates, the individual defendants and the underwriters.
It resolves all securities law claims against Ahold, and all other defendants, other than Deloitte & Touche entities. The settlement is global in nature and is designed to provide a recovery to all persons who purchased Ahold common stock and/or American Depository Receipts from July 30, 1999 through Feb. 23, 2003, regardless of where such persons live or purchased their Ahold shares.
The settlement must be approved by at least 180 million shares from about 800 million qualifying shares. The average payment is estimated to be US$1.51 per Fund A share and 40 cents per share for Fund B shares, according to court documents. Claims are to be made about 12 months after the court's final approval (Class Action Reporter, Jan. 10, 2006). The company denies any wrongdoing in the settlement.
The United States District Court for the District of Maryland, issued an order on Oct. 3 authorizing Lead Counsel and the Claims Administrator to begin making Settlement payments to Class Members of the class action against Royal Ahold N.V. in the U.S. (Class Action Reporter, Oct. 15, 2007).
For more information, contact the Claims Administrator by calling one of the numbers provided below or writing to the address below:
In re Royal Ahold N.V. Securities and Erisa Litigation c/o The Garden City Group, Inc. Claims Administrator P.O. Box 9000 #6378 Merrick, NY 11566-9000 U.S.A.
Country Toll Free Number
Australia 0011-800-1020-4060 Austria 0800-296107 Belgium 00-800-1020-4060 Canada 1-888-410-0027 Denmark 00-800-1020-4060 England 00-800-1020-4060 Finland 00-800-1020-4060 France 00-800-1020-4060 (France Telecom) 40-800-1020-4060 (TELE 2) 50-800-1020-4060 (Omnicom) 70-800-1020-4060 (Le 7 Cegetel) 90-800-1020-4060 (9 Telecom) Germany 00-800-1020-4060 Hong Kong 001-800-1020-4060 Ireland 00-800-1020-4060 Italy 00-800-1020-4060 Japan 010-800-1020-4060 Liectenstein 809-2288, ask to be connected to 800-467-8208 Luxembourg 00-800-1020-4060 Netherlands 00-800-1020-4060 Norway 00-800-1020-4060 Portugal 00-800-1020-4060 Scotland 00-800-1020-4060 Singapore 001-800-1020-4060 (Singtel IDD) 002-800-1020-4060 (MobileONE IDD) 008-800-1020-4060 (Starhub IDD) 013-800-1020-4060 (Singtel Budget Call) 018-800-1020-4060 (Starhub I-Call) 019-800-1020-4060 (Singtel V019) Spain 00-800-1020-4060 Sweden 00-800-1020-4060 Switzerland 00-800-1020-4060 United States 1-888-410-0027 International Toll Number +1-941-906-4864
About Ahold
Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/ -- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers.
* * *
In a TCR-Europe report on May 11, 2007, Moody's Investors Service placed the Ba1 Corporate Family Rating and the Ba1 Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on review for possible upgrade.
The action follows the company's announcement that it has agreed to the disposal of its U.S. Foodservice business to private equity funds for US$7.1 billion.
As reported in the TCR-Europe on May 7, 2007, Fitch Ratings upgraded the Issuer Default and senior unsecured ratings of Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from 'BB'. The Outlook on the Issuer Default rating remains Positive. Its Short-term rating is affirmed at 'B'.
|
 |
|
 |
|