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Steinhoff Wins Approval for $1.6 Billion Global Settlement

  • South African retailer has faced years of legal battles
  • Company almost collapsed after 2017 accounting scandal
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Steinhoff International Holdings NV can start paying out a 1.4 billion euro ($1.6 billion) settlement to investors who lost out in the wake of the retailer’s 2017 accounting scandal, drawing a line under years of legal battles.

The plan to resolve more than $8 billion of combined claims was approved by a South African High Court on Monday, the final hurdle the company needed to overcome. The proposal had already been signed off on in the Netherlands, where Steinhoff is registered, while some parties who initially opposed the deal had agreed to settle.