There are reports Tesco is facing a claim for damages from US fund manager Manning & Napier, which alleges the supermarket retailer’s accounting irregularities in 2014 resulted in the investor suffering losses of around $200m (£159m)
A Tesco spokesman said it was aware of a claim filed by Manning & Napier, and would be filing a defence shortly.
Tesco is already defending a more than £100m claim from a group of 125 institutional investors that was filed last October and which is being backed by the litigation funder Bentham Europe.
The claims relate to an accounting ‘black hole’ originally uncovered in Tesco’s half year interim results in 2014 relating to an estimated £263m profit overstatement connected to the way in which the retailer booked supplier discounts.
The Serious Fraud Office and the Financial Reporting Council both have ongoing investigations into Tesco’s accounting irregularities.
