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The Financial Times reports that 60 "large investors" who claim to have lost the equivalent of close to $200 million because of the accounting irregularities that roiled Tesco are expected to file "the first collective lawsuit against the supermarket in the UK."

Tesco's accounting problems, which also prompted a federal investigation of its practices, were related to the company's systematic understating of costs and overstating of revenue.

According to the story, "A group of asset managers, hedge funds and pension funds, including UK and international investors, will file the lawsuit in the UK within the next four weeks, according to Bentham Europe, the litigation funder." And, FT writes, "Tesco is likely to face other lawsuits in the UK. Last year, a US law firm, Scott & Scott, set up a vehicle - Tesco Shareholder Claims - to allow UK and European shareholders that want to seek damages to band together and file a joint lawsuit."
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