Civil Plaintiff

Steinhoff’s Former Auditor Deloitte Will Settle Certain Claims for $85M

JOHANNESBURG (Reuters) – Steinhoff said on Monday former auditor Deloitte has agreed to pay $85 million to certain claimants as part of the retailer’s proposed $1 billion global lawsuit settlement plan, and that a company opposing the plan had withdrawn its court application.

The announcement sent Steinhoff’s Johannesburg-listed shares soaring 15.70% to reach their highest in nearly two and a half years, while its primary Frankfurt-listed shares jumped by 18.55% by 1231 GMT.

The moves take the scandal-hit retailer a step closer to a settlement plan proposed in July after an accounting fraud in December 2017 prompted investors to dump its shares and led to a string of top-level resignations.

Read the source article at reuters.com

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