A leading litigation funder, Bentham Funders, has revealed that they have set up a fund for shareholders in Tesco to take legal action against the supermarket giants.
As a result of the formation of the fund, the courts will decide if shareholders and others are entitled to compensation after Tesco’s alleged breaches of the Financial Services and Markets Act which saw the supermarket overstate its earnings and making misleading statements to the market.
Tesco Scandal
All Tesco shareholders who had purchased 10,000 shares but had not sold their shares prior to the announcement that their profits were incorrect are able to take part in the potential case. As a result of Tesco’s announcement more than £2 billion was wiped from their share price. Despite stating that all was well, Tesco made a loss of more than £6 billion. A similar multi-billion dollar claim in the US against Tesco on behalf of American shareholders, but European investors are barred by US law from participating in that claim thus it remains to be seen if this can be their main option.Tesco Shareholder Claims Ltd (TSC) said in a statement that it was “too early to predict the ultimate size of the group, it is already clear that the case against Tesco is strong, and will involve a substantial claim”.
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