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Tesco PLC (TSCO)

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Thursday 26 November, 2015

Tesco PLC

US Litigation Update

RNS Number : 9842G
Tesco PLC
26 November 2015
 

26 November 2015

 

 

Tesco PLC

(the "Company")

 

US Litigation Update

Tesco PLC today announces that it 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 ("ADRs") (ADRs represent approximately two per cent of the total issued ordinary shares of the Company).

The class action was against the Company and certain of its former directors and alleged breaches of certain U.S. federal securities laws in connection with the overstatement of commercial income which was announced in September 2014.  The settlement agreement, which is subject to confirmation by a federal court in New York, provides for Tesco to pay US$12 million to settle the class action with no admission of liability.  This agreement, if confirmed, will settle one of two claims before US courts arising out of the commercial income overstatement.  The other claim is brought in Ohio by the remaining holders of ADRs equivalent to less than 0.2% of the total issued ordinary shares of the Company.

 

Enquiries:

 

Investor Relations:     

Chris Griffith                                                    +44 (0)1992 644 800

 

Media:                         

Adam Williams                                                +44 (0)7801 235 857                         

StockWell                                                        +44 (0)207 240 2486

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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