Ahold Settles Suits With Former CEO, CFO

Amsterdam, Netherlands, The former CEO of Royal Ahold NV will pay the company 5 million euros ($7 million) to settle claims stemming from one of Europe’s biggest financial scandals, the company said Friday.

Under the agreement, ex-CEO Cees van der Hoeven will also drop his counterclaim of more than 4.5 million euros ($6.4 million) in payments he said Ahold owed him, and not admit any liability, Ahold said in a statement.

The settlement was announced more than four years after Ahold went to the brink of bankruptcy in February 2003.