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US investment funds to sue Tesco

Four US pension and investment funds have launched a multimillion-dollar legal action against Tesco over its £263m accounting scandal.

The complaint was filed in an Ohio court on Wednesday (October 7) by The Western and Southern Life Insurance Company, Western & Southern Financial Group, Integrity Life Insurance and Touchstone Strategic Trust, the Daily Mail has reported.

The 72-page document says Tesco “recklessly disregarded” facts and “dramatically overstated” profit by improper recognition of charges to suppliers.

The action comes as Tesco is reportedly close to reaching a “deferred prosecution agreement” with the Serious Fraud Office over the profit black hole.

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