Philips, the Dutch electronics group, has been awarded millions of euros in compensation for its €13.7bn ($16.7bn) Dutch pension scheme, following a series of frauds in the scheme's €2bn property portfolio that came to light in 2007.

In settlements announced by the Dutch public prosecutor's office during the past few days, Philips Pensioenfonds has been awarded up to €80m. The complex and long-running case is nicknamed "Klimop" or "Ivy" in the Netherlands because it has so many branches and has proved difficult to root out.