Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Tesco settles US accounting lawsuit for £8m

Tesco

Tesco

Tesco

Tesco has agreed to settle a US shareholder lawsuit for £8m ($12m) after it was claimed the accounting scandal inflated its share price.

The troubled supermarket was sued by the holders of the company’s American depositary receipts (ADRs), which represent approximately 2% of the total issued ordinary shares of the firm.

The agreement is subject to approval by a federal court in New York and will settle the action with no admission of liability.

A statement from Tesco said: “This agreement, if confirmed, will settle one of two claims before US courts arising out of the commercial income overstatement. The other claim is brought in Ohio by the remaining holders of ADRs equivalent to less than 0.2% of the total issued ordinary shares of the company.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.