A consent order filed with the Court on 2 September confirms that the Tesco group shareholder action, which had been due to go to trial in October 2020, has now settled. No details on settlement terms appear to be publicly available at this time.

It had been hoped that the Tesco action would bring some welcome clarity to the law on Section 90A FSMA 2000, under which no claim has yet been to trial. Attention may now turn to the group shareholder action that is proceeding against Serco in relation to its false accounting scandal regarding electronic tagging in 2010 to 2013. The parties have exchanged pleadings in the last few months, but it will be a while yet before it reaches trial (assuming that it does not settle before this).

In the meantime, investors thinking of making claims under Section 90A FSMA 2000 should be aware that there are a number of current uncertainties in the law on Section 90A FSMA 2000, for example on the extent of the disclosure and witness evidence that they would be required to produce in support of their claim on the key issues of reliance and causation.