Following the suspension of four senior executives in 2014 after it was revealed that £250 million in profits had been ‘artificially inflated’, Tesco is set to come under further legal woes as 60 shareholders have filed a claim worth £150 million in a bid to redeem losses made.
With fraud and false accounting charges brought to three individuals – the former finance director of Tesco UK, Carl Rogberg; Tesco UK’s former managing director, Christopher Bush; and the former commercial director for food, John Scouler – the claim is reported to have taken two years in total to put together and is expected to be filed at the High Court later this month.
Chief investment officer, Jeremy Marshall of the litigation funders, Bentham Europe, commented: “This is the first wave. There will be a second series of investors that will join a bit later. A lot of people thought this case would never get off the ground.”
Read more details on the claim here