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Tesco agrees $12 million payout to US shareholders over accounting scandal

UK’s biggest retailer was sued after overstating 2014 first-half profit by £263 million, causing a hit to stock prices when the error came to light.

Tesco

Tesco, the UK’s largest supermarket group, will pay $12 million (£8 million) to settle legal action by US shareholders which claimed that accounting irregularities inflated the supermarket’s share price.

Tesco denied wrongdoing in agreeing to settle, court papers show.

Tesco was sued after revealing in September 2014 that it had overstated first-half profit by £250 million ($378 million) because it incorrectly booked payments from suppliers.

That led to the price of Tesco’s American depositary shares falling 15% on the next trading day. Tesco later raised the estimated overstatement to £263 million pounds.

Read the full story at The Guardian

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