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Legal Update

Tesco in Trouble: Retailer Admits to Market Abuse on Top of SFO DPA

10 April 2017
Mayer Brown Legal Update
The Financial Conduct Authority ("FCA") issued a final notice against Tesco plc and Tesco Stores Limited (together "Tesco") on 28 March 2017 (the "Final Notice"). The Final Notice requires Tesco to pay compensation of up to £85m (plus interest) to investors after the FCA found Tesco committed market abuse. The compensation will be payable as part of a redress scheme to those investors that suffered financial loss as a result of Tesco plc's publication of an incorrect trading update on 29 August 2014. The FCA stated in the Final Notice that it has exercised its discretion under s123(3) of the Financial Services and Markets Act 2000 not to impose a financial penalty against Tesco, preferring to publish a public statement regarding Tesco's market abuse and establishing the redress scheme.
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