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Tesco Investor Group Hires Lawyer and Readies U.K. Legal Action

Retail Operations Inside A Tesco Plc Supermarket Grocery Store
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Tesco Plc is facing the threat of a shareholder damages claim in the U.K. over the 263 million-pound ($404 million) profit overstatement that plunged Britain’s biggest retailer into crisis last year.

A vehicle set up by U.S. law firm Scott & Scott to explore legal action in the U.K. and Europe said in a statement Thursday that it expects to issue a claim later this year. The group, Tesco Shareholder Claims Ltd, has hired a senior British lawyer, Philip Marshall, to provide advice.