Tesco PLC US Litigation Update (9842G)
November 26 2015 - 2:00AM
UK Regulatory
TIDMTSCO
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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