Chiquita Brands International has struck a deal with shareholders who sued the produce giant following its 2007 admission that it financed terrorist organisations in Colombia.
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In 2007, Chiquita was found guilty of funding terrorist groups when it emerged that the company made “protection payments” as part of its dealings with right-wing paramilitary groups and leftist rebels in Colombia.
Shareholders in the US produce company argued that the Chiquita employees involved breached their duties to shareholders and wasted company resources by becoming involved in the payments.
In the company’s third-quarter filing, Chiquita said that the settlement calls for changes to its corporate governance structure, as well as the payment of legal fees.
The final deal between Chiquita and the group of shareholders formalises an “agreement in principle”, which was announced to the US securities regulator in October.
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By GlobalData
