Mar 28, 2017
Tesco: discounted justice
Tesco and Tesco Stores, the UK arm of the quoted retailer, has just struck two such agreements. Tesco will pay £85m to investors who bought shares that traded artificially high in 2014 after it overstated expected earnings. The second is a deferred prosecution agreement over related false accounting at Tesco Stores. By stumping up, Tesco neutralises the threat of a criminal prosecution against Tesco Stores. Anyone who bought during the false market can claim 24.5p per share, the premium lost when Tesco corrected its numbers.
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