Tesco PLC Case Update (August 2020): What an Expiring Statute Of Repose Means For Investors

FRT Admin
Site administrator
July 27, 2020

In January 2018, we spotlighted the Tesco PLC opt-in recovery opportunity for damaged investors to seek compensation from Tesco under section 90A of the UK Financial Services and Markets Act 2000 (“FSMA”) – click here to read the case spotlight.

Tesco PLC (“Tesco”) is a British multinational groceries and general merchandise retailer headquartered in the UK. An investigation dubbed “Trade Update” alleges Tesco PLC gave a false or misleading impression as to the value of Tesco securities and resulted in artificially inflated market prices of Tesco shares and bonds until the false or misleading information was corrected on September 22, 2014.

UPDATE 

The groups of investors who filed litigation against Tesco are coming up for trial. The statue of repose (legal time period to file claims) is expiring in the next few months. Therefore, investors who have not previously joined recovery efforts against Tesco cannot wait for the results of the trials before deciding whether to pursue their own claims. Instead, they must to take steps now to preserve claims before they expire.

If the plaintiffs prevail at trial, or settle, this will bolster your prospects for recovery as Tesco will presumably want to resolve things rather than face new rounds of litigation; if the plaintiffs fail to recover, this will re-enforce a decision not to take further action.

WHAT DOES THIS MEAN FOR INVESTORS?

For the Tesco opt-in recovery opportunity, investors must do something now to preserve their claims tied to this effort and the options are limited due to the expiring limitations period which will not be extended.

For the future, it is critical for investors to understand the nuances of each jurisdiction in order to develop internal polices for global actions. Specialized firms, like FRT, can establish policies on a jurisdiction by jurisdiction basis and assist in the decision-making process about whether to participate by providing certain key informational details as they have been presented by the case’s organizer(s). Our goal is to ensure seamless registration in all applicable actions and reduce the risk of missing potentially significant recovery opportunities outside of the U.S.

NEXT STEPS

If you wish to evaluate action against Tesco PLC, please contact your FRT Representative or email us to arrange a call with the FRT team.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and do not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

 

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.