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Steinhoff proposes $1 billion settlement to end legal claims

Christian Fernsby |
Steinhoff International Holdings proposed a $1 billion settlement to resolve more than $8 billion of legal claims lodged against the retailer following the accounting scandal that almost wiped out the company.

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Topics: STEINHOFF   

Claimants would get a combination of cash and shares in Pepkor Holdings Ltd., a clothing retailer controlled by Steinhoff, the company said in a statement Monday. Most of the 90 claims outstanding are included in the deal.

The settlement would help cover as much as $311 million of market purchase claims, 104 million euros of contractualparty claims and $567 million of claims against the holding company Steinhoff International Holdings Pty Ltd.

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