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    • Please please help we were miss sold full fibre by EE July 22  Install couldn’t go ahead no equipment sent and no. Survey it was hell  foind out no full fibre in road so we had to go back to cooper no choice we involved. Ceo and they put in a man from customer resolution s  he was vile he told me I had to go to engineers  something very odd about the ex resolution s in bt basically they took my drive up said they Would put ducting in ready for full fibre we have got £ 40 for a hours upon hours phones stress and more told to go to ombudsman  then bill was £35 we called twice told it was that price as they had treated us appalling two weeks later all sky package gets pulled we call again our bill goes to 165 the next two weeks was hell trying to get yo bottom why it’s off our package it was all on in the end I spent a day on the phone  341 mins was the call anyway I got to the bottom it was this resolution man coveting up the other issue another deadlock  to cover it all up  they hide data  ee did so couldn’t get the miss sell in writing I have now only from sept  Basically now we tried getting full fibre and they have found my drive had to be taken up again which has sunk .  The engineer has placed the wrong ducting again under my drive and need s to be taken to again apparently and the pipe sticks up middle of the drive near gate not behind look so odd it’s a big as a drain pipe open to water and it’s below touching the electrical cables to hot tub . I was sent a letter from the ex resolution to say I had stopped the work  I haven’t  it’s so sadistic she covering up for her mate in that team as the orginal install he didn’t check it had been done correctly  I took to Twitter and posted on open reach they ignored me then after 3 calls of two weeks they sent a engineer bt ignored me ceo emails blocked tag on Twitter unanswered then we get someone from twitter send a engineer he written report to say it’s dangerous since we have  had a  letter to say our problem can not be resolved  then a email to say sorry we are leaving and we can’t get into our account Bt will not talk to us ofcom tells us nothing they can do Citzens advice said go to the police  we can’t go back to virgin due so mass issue with them only option is sky  but point is they make out we have canceled we haven’t we have this mess on our drive dangeous work we are in hell  it’s like she covering up for this collegue it’s all very odd I am disabled and they like played mentaly with me open reach say bt resolved the issue no they have not  I recon they have terminated us making our we have  to hide it from mgt  Help it’s hell I don’t sleep we have 29 may we have tried  calling they just ignore me  at first they are so lovely as they say I am then they go to nnamager and say we can’t say anything to you end call  Scared police are rubbish I need help even typing is so painfull  Thankyou  anyone hello be so grateful     
    • There's a thread somewhere about someone sending the baillifs against Wizzair that is quite hilarious. I would love to see someone do the same to Ryanair. Question is, should you be the one to take that role. You are entitled to the £220, if your flight was from the UK. If it was TO the UK I suppose it is more of a grey area... though the airlines I know have been using £220 as standard. Not that surprising for Ryanair, the worst cheapskates in the universe, to go for the lower amount, and if you forward this to the CEO he will probably have a jolly good laugh and give his accountants a verbal bonus. After all he's the one who said and I paraphrase "F*** our customers, they'll fly with us again anyway". While we would all love to see Ryanair get wooped in court again, I have to join my fellow posters in thinking it's not worth the hassle for (hypothetically) £7 and not sure it will expedite the payment either. It's already an achievement that you got them to accept to pay.
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Tesco shares / fraudulent reporting.


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Many people will have been watching Tesco's recent debacle.

I have lost over £5000 with the share price fall, over the last 4 months.

Tough, you may say.

The reality is that I bought my shares based on the financial accounting data published by Tesco in their annual report.

Yesterday, I watched the new CEO Dave Lewis, parachuted in from Unilever.

He said the "accounting errors" appear to have been undertaken for several years.

They have declared £265 million in profits they actually don't have, and won't have.

A definition of fraud is:

" the intentional misrepresentation or concealment of an important fact upon which the victim is meant to rely, and in fact does rely, to the harm of the victim".

 

I'd say that is exactly what Tesco have done.

 

I'm tempted to issue a county court claim against them, for fraud.

 

Any thoughts, please?

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Have a look on the FCA website, they might have some advice on what people in your position should be doing.

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It was inevitable, they were always stretching 'the sales / profits envelope', you can't continue growing sales and showing profits up year on year. They were even showing profits through recessions. You could say 'they are catching up with themselves'.

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Thank you both.

 

Just imagine if this was America and WalMart had done likewise. An enterprising lawyer might start a class action.

 

I researched Tesco properly. I'm a Yorkshireman and don't spend rashly.

 

The point is that the claims made in the annual report are now clearly false. They claimed non-existent profits.

 

We'll see how this pans out. There must be hundreds of thousands of people in my position.

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'Google' see if there are other people in the same position, there might already be a group for you to join.

 

You just need to look ay what's happened with the banks and how much destruction they caused in such a short time.

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get Warren Buffet to organise:-)look what hes lost

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I also hold shares, if a class action happens let people here know :D

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The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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Sean, your thread has been tweeted via the link from this site - it might also be worth having a look round Facebook to see if anyone has started a group.

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I think we'd need to know more about how and why the accounting problems have arisen. Presumably there will be an FCA investigation.

 

 

Do bear in mind that much of the fall has been due to Tesco's poor trading results (year-on-year sales down 4.6%, if I recall correctly) and not just the accounting irregularities.

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It does make you wonder how they are going to manage their new Banking service if they cant get it right on the Retail business !

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1: How can BCOBS protect you from your Banks unfair treatment

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Yes FCA investigation under way,reported likely to pass results to police serious fraud

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Allegedly, part of the accounting errors is they included invoices from suppliers as product that's already been sold. Although the product hadn't left their stores. It's false accounting.

 

I think we'd need to know more about how and why the accounting problems have arisen. Presumably there will be an FCA investigation.

 

 

Do bear in mind that much of the fall has been due to Tesco's poor trading results (year-on-year sales down 4.6%, if I recall correctly) and not just the accounting irregularities.

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From reuters Friday

 

(Reuters) - Tesco Plc has been hit with a proposed class action lawsuit in the United States by investors over accounting irregularities at Britain's largest retailer.

 

The lawsuit was filed on Thursday in New York federal court, the same day the company reported a bigger than expected hole in its finances, prompting its chairman to resign.

 

The lawsuit was brought by Irving Fireman's Relief and Retirement Fund on behalf of purchasers of Tesco's American depository shares from Feb. 2 to Sept. 22.

 

The lawsuit accused Tesco and former executives, former Chief Executive Officer Philip Clarke and ex-Chief Financial Officer Laurie McIlwee, of making false and misleading statements and failing "to disclose the truth regarding the company's financial condition."

 

The lawsuit cited Tesco's surprise announcement on Sept. 22 that it had overstated first-half profits by 250 million pounds ($402 million).

 

The announcement prompted Tesco's American depository shares to fall 15 percent to $9.61 from its price the previous Friday, the lawsuit said.

 

A representative for Tesco declined comment.

 

The complaint did not reference Tesco's more recent announcement on Thursday that it had overall incorrectly booked income of 263 million pounds ($421 million), up from the original estimate of 250 million pounds.

 

Of the 263 million pounds, around 145 million came from prior years, Tesco said. A spokesman said on Thursday the figure was not big enough to require those previous results to be restated.

 

Britain's accounting watchdog, the Financial Reporting Council, said on Thursday it was looking into Tesco's announcement of accounting irregularities to determine whether it should take regulatory action.[

 

The case is Irving Firemen's Relief and Retirement Fund v. Tesco Plc, U.S. District Court, Southern District of New York, No. 14-8495.

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Thank you very much for this theoldrouge.

Looks like I can watch and wait.

You really can't trust anyone in UK big business these days.

If it's not banks fiddling Libor it's Tesco fiddling their accounts.

They'll be including the profits from illegal drug use and prostitution in GDP figures next.

(Yes, I know).

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My impatience has got the better of me. Probably not.

Having just spent 35 minutes on the phone to the most evasive, devious person I've ever spoken to, I decided to issue a moneyclaim online.

I phoned a manager in the financial accounting team at Tesco's Cheshunt HQ.

For the sake of £185 outlay, it will be worth getting Tesco into court.

Since it's the Small Claims track, I'll be liable for their attendance costs if I lose.

Having watched their CEO on tv, admitting to accounting errors, I'm 95% confident I'll win.

The Telegraph published this today:

Tesco has declined to comment on its findings, apart from confirming the shortfall was £263m and that the practices at the heart of the scandal had been going on for longer than the last six months.

The findings of the Deloitte investigation are now with the Financial Conduct Authority, the City regulator, which has pledged to launch a full investigation.

A source close to the probe said Tesco had booked supplier contributions that were conditional on hitting sales targets that it was not going to reach.

 

Seems to me to be a damning admission.

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Wonder if I can issue a claim for damage done to the value of the shares I hold from when I was an employee

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The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I do wonder how this would all work. Tesco is a publicly traded company. Logically, if the decision is made to compensate shareholders for the drop in share price, the effect would be entirely circular and would simply cause a further drop in the share price - since any compensation would come from company funds.

 

This kind of class action tends to be used in the US when you have a publicly traded company which still has the majority of shares held by the founder or by a particularly large investor. I don't think thats the case in Tesco. I imagine the SFO probe is more likely to sanction individuals than Tesco plc itself (although I could be entirely wrong). Any fines paid by individuals will be a drop in the ocean compared to the 268million accounting issue.

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Great find, although I think s90 talks about listing particulars, which is what is submitted to the regulators when a private company wishes to become a listed company. The person liable would the 'sponsor' of the listing. I don't think that section applies to statements made about profit in the annual report.

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The real concern should be any class actions raised launched in the US, damages are awarded in a totally different way to the uk, punitive damages.

 

http://en.wikipedia.org/wiki/Punitive_damages

 

Unrelated, but an example nevertheless.

 

http://www.ctvnews.ca/health/u-s-tobacco-company-hit-with-23-6b-in-punitive-damages-after-widow-s-lawsuit-1.1922027

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