Tesco Reaches $12 Million Pact To Settle US Income Overstatement Lawsuit
26 November 2015 - 8:47AM
Dow Jones News
By Tapan Panchal
LONDON--Retailer Tesco PLC (TSCO.LN) said Thursday that it has
reached a $12 million settlement agreement for a U.S. lawsuit
relating to an alleged overstatement of commercial income.
The supermarket chain has reached agreement in principle to
settle a class action commenced in New York on behalf of the
holders of the company's American depositary receipts, which
represent around 2% of the total issued ordinary share capital.
The lawsuit, which was against the company and certain former
directors, alleged breaches of certain U.S. federal securities laws
in connection with the overstatement of commercial income announced
in September 2014.
The agreement, which is subject to confirmation by a federal
court in New York, provides for Tesco to settle the class action
with no admission of liability.
If confirmed, the agreement will settle one of two claims
arising out of the income overstatement. The second claim is
brought in Ohio by the remaining holders of American depositary
receipts.
-Write to Tapan Panchal at tapan.panchal@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 26, 2015 02:32 ET (07:32 GMT)
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