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United States

Vestas reaches conditional settlement on US lawsuit for $5 million

UNITED STATES: Vestas said it has conditionally settled a lawsuit from a pension fund claiming the company issued false information regarding its revenue and earnings.

The lawsuit originates from 2011 and alleged false reporting was made between October 2009 and October 2010.

Vestas said $5 million will be paid out to the plaintiffs. It denies any wrongdoing and said it was making the payment "in order to end the substantial expenses, burdens and uncertainties associated with a continued litigation in the USA".

The settlement is still subject to approval by the US courts.

Speaking about the decision, Vestas chairman Bert Nordberg said: "We look forward to putting this case behind us, which will allow us to continue our focus on the operation of the business to the benefit of our customers and our owners."

The 2009-2010 period represents a troubled time for Vestas. At the end of 2010 company changed its accounting procedures.

Deminor Recovery Services, a company targeting Vestas on behalf of disgruntled investors, has been focusing on this change, suggesting Vestas used it to shift around 1.8GW of orders from the 2009 results into 2010 figures.

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