26th Nov 2015 07:22
LONDON (Alliance News) - Tesco PLC on Thursday said it has reached an agreement to settle a class action commenced in New York on behalf of the holders of the company's American Depositary Receipts.
The class action was against Tesco and some of its former directors for alleged breaches of US federal securities laws in connection with its overstatement of commercial income in September 2014.
The settlement agreement means Tesco will have to pay USD12 million to settle the class action with no admission of liability and, if confirmed by a federal court in New York, will settle one of two claims before US courts arising from the scandal.
The other claim is brought in Ohio by the remaining ADR holders and remains outstanding.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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