Tesco Can't Deny Misleading Shareholders In $800M Lawsuit

Law360, London (December 3, 2019, 5:07 PM GMT) -- A London judge prevented Tesco PLC on Tuesday from denying that it had misled consumers during an accounting scandal that devastated its stock price, saying the move would "destabilize" the multimillion-pound lawsuits brought against the company by shareholders.

A judge at the High Court has refused to allow Tesco to withdraw legal admissions acknowledging that it had misled investors by overstating its profits. (AP) High Court Judge Robert Hildyard refused to let the grocery chain withdraw legal admissions acknowledging that it had misled investors by overstating its profits by £250 million ($325 million) for the six months to August 2014.

The company,...

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