SL Claimants v Tesco Plc [2019] EWHC 3312 (Ch) (03 December 2019)

SL Claimants v Tesco Plc [2019] EWHC 3312 (Ch) (03 December 2019)

Tesco's application to withdraw its admission is refused because the proposed new plea is inconsistent with its previous public admissions and regulatory findings, no new evidence justifies the change, withdrawal would prejudice Claimants and destabilise proceedings, and the interests of justice do not require permitting the amendment.

Citation
[2019] EWHC 3312 (Ch)
Parties
Claimant: The Persons Identified in Schedule 1 of the Claim Form; Claimant: Manning & Napier Fund, Inc.; Claimant: Exeter Trust Company; Defendant: Tesco PLC
Jurisdiction
England and Wales
Judgment Date
03 December 2019
Procedural Posture
Commercial/financial List / Application to Withdraw Admission in Defence
Outcome
Application refused
Legal Topics
Withdrawal of Admissions, Market Abuse Under FSMA, False or Misleading Statements, Deferred Prosecution Agreement, Regulatory Findings
Financial Services Law Civil Procedure Market Abuse Withdrawal of Admissions Market Abuse Under FSMA False or Misleading Statements Deferred Prosecution Agreement Regulatory Findings

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Parties

The Persons Identified in Schedule 1 of the Claim Form

Claimant

Manning & Napier Fund, Inc.

Claimant

Exeter Trust Company

Claimant

Tesco PLC

Defendant

Procedural Posture

Commercial/financial List / Application to Withdraw Admission in Defence

Legal Issues

  1. 1 Whether Tesco PLC should be permitted to withdraw its admission that the August Trading Update was untrue or misleading
  2. 2 Whether the proposed new plea is inconsistent with regulatory findings and admissions
  3. 3 Whether withdrawal would prejudice the Claimants or disrupt proceedings

Ratio Decidendi

Tesco's application to withdraw its admission is refused because the proposed new plea is inconsistent with its previous public admissions and regulatory findings, no new evidence justifies the change, withdrawal would prejudice Claimants and destabilise proceedings, and the interests of justice do not require permitting the amendment.

Court Disposition

Application refused

Orders

  • Tesco's application to withdraw its admission is refused
  • Costs to follow the event, subject to agreement or further submissions