Tesco Can't Shake Investors' $790M Accounting Scandal Suit

Law360, London (October 28, 2019, 12:04 PM GMT) -- A $790 million shareholders’ lawsuit against Tesco could be headed to trial after a judge in London ruled on Monday that investors held an interest in shares that were devastated by a false accounting scandal.

Nearly $2.6 billion came off Tesco's balance sheet after the U.K. supermarket chain was found to have exaggerated its profit. (AP) High Court Judge Robert Hildyard rejected Tesco PLC’s efforts to escape lawsuits brought by institutional investors suing the supermarket chain after nearly £2 billion ($2.6 billion) was wiped off its value in 2014 when it was found to have overstated its profit.

Judge Hildyard ruled that...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!