In September last year, the company revealed that its profits had been overstated by £263m and the aftermath saw shares drop to a ten-year low.
The Western and Southern Life Insurance Company, Western & Southern Financial Group, Integrity Life Insurance and Touchstone Strategic Trust filed a complaint in an Ohio court last week. The companies have accused Tesco of “recklessly” disregarding facts and “dramatically” overstating profits.
The £263m overstatement was the result of Tesco's system for booking commercial income from suppliers – the company was paying suppliers later and taking money from them earlier than it should have.
Tesco declined to comment.