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Tesco could face further legal action over profit overstatement

US law firm Scott and Scott has set up a vehicle that would allow UK and European shareholders of Tesco to launch a class action against the supermarket, following its accounting scandal last year.

Scott and Scott is claiming the scandal caused “permanent destruction of value to shareholders”.

It has already filed a class action lawsuit against the supermarket chain in the US and is now in “active discussions” with institutions in the UK and Europe about filing a join lawsuit through the vehicle it has set up, called Tesco Shareholder Claims.

Tesco revealed on September 22 that it overstated its profit forecast by £250m. That figure was subsequently revised to £263m.

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