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.