Tesco reaches $12 million settlement for class action lawsuit
Tesco reaches $12 million settlement for class action lawsuit
England-based retailer Tesco PLC has reached an agreement in principle to settle a $12 million class action lawsuit in New York arising out of the company's 2014 overstatement of its income. 
The class action was against the company and certain of its former directors and alleged breaches of U.S. federal securities laws in connection with the overstatement of commercial income.
The settlement agreement is subject to confirmation by a federal court in New York. If confirmed, it will settle one of two claims before U.S. courts arising out of the commercial income overstatement; the other claim is brought in Ohio.
Tesco has more than 6,800 stores and employs 480,000 people worldwide.