Saturday 10 December 2016

Legal team prepares claim case on Tesco

Published 29/05/2015 | 02:30

A customer pushes a shopping cart past a poster reading
A customer pushes a shopping cart past a poster reading "Lots of brands now cheaper at Tesco" inside a Tesco supermarket store, operated by Tesco Plc, in the Kensington district of London, U.K., on Thursday, Jan. 8, 2015. Photographer: Simon Dawson/Bloomberg

Tesco is facing the threat of a shareholder damages claim in the UK over the £263m (€369m) profit overstatement that plunged Britain's biggest retailer into crisis last year.

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A vehicle set up by US law firm Scott & Scott to explore legal action in the UK and Europe said in a statement yesterday that it expects to issue a claim later this year.

The group, Tesco Shareholder Claims, has hired senior British lawyer Philip Marshall. "The case against Tesco is strong, and will involve a substantial claim," the group said.

It has signed up "various institutional investors" to join the compensation claim, it said, but did not name them. Tesco declined to comment.

Irish Independent

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