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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, 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.

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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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