Thursday, April 22, 2021

Tesco to fight another lawsuit over accounting scandal

Tesco will now face a second high-profile lawsuit over 2014‘s accounting scandal, just days after it issued its defence in a £100 million lawsuit.

US investment house Manning & Napier have filed a new claim against the retailer, saying it lost over $212 million (£168.60 million) because of accounting falsehoods, according to the Financial Times.

Earlier this week Tesco issued its 42-page defence against a separate lawsuit in which over 100 shareholders claim to have lost money because of the scandal, looking to retrieve over £100 million in damages.

READ MORE: Tesco fights back in potential £100m court battle

The UK‘s largest supermarket statements were “vague and amorphous” and could not be proven. 

It went on to argue that they had provided no evidence was given to prove investors had relied on the allegedly false information before buying or selling shares.

The historic accounting case cost Tesco £6.3 billion, one of the biggest reported losses in British history.

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