Ahold Shareholders Take Deloitte to Court

Amsterdam, Netherlands, Royal Ahold NV shareholders who got hit by the food giant's accounting scandal in 2003 are taking accountancy firm Deloitte to court in a damages claim that could reach hundreds of millions of euros, the shareholders said as a group in a press release. Deloitte was Ahold's accountant when the scandal hit.

The shareholders are also putting a claim against former Ahold CEO Cees van Hoeven.

SOBI, an independent Dutch association that acts as financial markets watchdog, said the current claim comes after a very disappointing end to a previous one by the shareholders.

These shareholders then approached SOBI's Pieter Lakeman to help prepare another round of claims, and he has agreed.

In March, the Dutch disciplinary council for registered accountants ruled Deloitte 'seriously failed' in its supervision of Ahold's US Foodservice. The Netherlands' Royal Institute for Registered Accountants confirmed the ruling.