Dutch retailer Royal Ahold and the Public Employees’ Retirement Association of Colorado (COPERA) have said that an appeal has been lodged against the US$1.1bn settlement between the company and shareholders in the securities class action addressing the 2003 accounting scandal, when the company overstated its profits by almost EUR1bn (US$1.3bn). 

The appeal was previously rejected by the court, Ahold said. “Ahold and COPERA believe the appeal has no merit and intend to oppose it,” the company continued.

The United States District Court of Maryland approved Ahold’s the settlement in June.