Tesco Faces UK Legal Action Over Accounting Scandal

Tesco is facing a legal action by a group of investors who claim to have lost £150m due to the supermarket’s 2014 accounting irregularities scandal. “Shareholders were misled by information inaccurately provided to the market with knowledge by management,” alleges Jeremy Marshall from Bentham Europe, the firm funding the claim, speaking to the BBC. Mr Marshall said the legal action would be filed by the end of October. Tesco declined to comment on the case. Mr Marshall, chief investment officer at Bentham Europe, said currently the claim involved 60 large investors, but that he expected this number to increase once the legal action was filed. Claimants included pension funds from the UK, Europe and the US as well as general asset managers, he said.