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Steinhoff approaches insurers to help settle claims

Steinhoff approaches insurers to help settle claims
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South Africa s Steinhoff in talks with insurers to help settle claims

By Reuters Staff 2 Min Read JOHANNESBURG (Reuters) - South Africa’s Steinhoff International Holdings NV is in talks with insurers to help settle lawsuits instituted against the retail group by claimants who lost money when it revealed holes in its accounts in December 2017, the firm’s CFO said on Monday. Litigation remains a significant outstanding challenge for the retailer, which has proposed a $1 billion global lawsuit settlement plan to settle about 90 separate legal claims in the Netherlands, Germany and South Africa. The combined claims of those who have quantified their alleged damages are in excess of 136 billion rand ($9.12 billion), Steinhoff has said.

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