(Alliance News) - Rolls-Royce Holdings PLC may face a class action lawsuit worth GBP350 million from shareholders related to a corruption scandal from back in 2017, the Telegraph reported on Sunday.
Investors are working with lawyers to receive compensation, believing the jet engine maker made misrepresentations to the market about the scandal.
The Telegraph reported that Rolls-Royce has turned to Slaughter & May to stave off a litigation, the same law firm it used during the corruption scandal.
https://www.telegraph.co.uk/business/2023/10/22/rolls/
Back in January 2017, Rolls-Royce said it will have to pay GBP671.0 million relating to bribery and corruption charges in a number of overseas markets.
It reached a deferred prosecution agreement with the UK Serious Fraud Office after passing concerns regarding bribery and corruption involving intermediaries to the SFO from 2012 onwards.
It also reached a deferred prosecution agreement with the US Department of Justice and a leniency agreement with Brazil's Ministerio Publico Federal.
By Eric Cunha, Alliance News news editor
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