Legal team prepares claim case on Tesco
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.
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.