Tesco Looks To Ax Shareholder Suit Over Accounting Scandal

Law360, London (September 25, 2019, 7:34 PM BST) -- Tesco urged a London court Wednesday to dismiss a $770 million shareholder suit over the false accounting scandal that ravaged the supermarket chain's stock price, arguing the investment funds do not hold an interest in its shares.

Investment companies are claiming they suffered major losses caused by false accounting that wiped nearly £2 billion ($2.5 billion) off Tesco’s value in 2014. (AP) Lawyers for Britain's largest retailer said at the start of the three-day High Court hearing that none of the fund operators involved were the legal owners of the Tesco PLC shares they are suing over. Tesco argued that the...

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