Tesco in $12m US legal payout over accounting irregularities

Tesco has agreed to pay $12m (€11.28m) to settle a US shareholder lawsuit claiming that accounting irregularities inflated the share price of Britain’s largest retailer.

The all-cash settlement was disclosed in filings in the US District Court in Manhattan, and requires court approval.

Tesco denied wrongdoing in agreeing to settle, court papers show.