SL Claimants v Tesco Plc

SL Claimants v Tesco Plc

Tesco's application to withdraw its admission is refused because the proposed amendment is inconsistent with its public admissions in regulatory proceedings, lacks cogent justification, would prejudice Claimants, and would disrupt proceedings close to trial; the interests of justice do not require permitting the change.

Parties
Claimant: 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 / Interlocutory Application
Outcome
Application refused
Legal Topics
Withdrawal of Admissions, Market Abuse, False Accounting, Misleading Statements, Civil Procedure
Commercial Law Financial Regulation Withdrawal of Admissions Market Abuse False Accounting Misleading Statements Civil Procedure

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Parties

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 / Interlocutory Application

Legal Issues

  1. 1 Whether Tesco PLC should be permitted to withdraw its admission that the August 2014 Trading Update was untrue and/or misleading
  2. 2 Whether the proposed amendment is inconsistent with Tesco's public admissions in regulatory proceedings
  3. 3 Whether the withdrawal would prejudice the Claimants or disrupt proceedings

Ratio Decidendi

Tesco's application to withdraw its admission is refused because the proposed amendment is inconsistent with its public admissions in regulatory proceedings, lacks cogent justification, would prejudice Claimants, and would disrupt proceedings close to trial; the interests of justice do not require permitting the change.

Court Disposition

Application refused

Orders

  • Tesco's application to withdraw its admission is refused.
  • Costs likely to follow the event; parties to agree payment on account or pursue any outstanding issue on paper.