Morrisons share price: Blue-chip grocer loses data leak appeal

Court of Appeal upholds original decision against supermarket

Morrisons share price: Blue-chip grocer loses data leak appeal

Wm Morrison Supermarkets (LON:MRW) has lost a legal challenge, with the Court of Appeal upholding a High Court ruling that the grocer is liable for a data breach which saw thousands of its employees’ details posted online, the BBC reports. The ruling paves the way for 5,518 claimants to receive compensation, according to the Guardian.

Morrisons’ share price has climbed higher in London in today’s session, having gained 1.13 percent to 251.50p as of 09:40 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.40 percent higher at 6,983.22 points. The group’s shares have added more than 11 percent to their value over the past year, as compared with about a seven-percent dip in the Footsie.

Morrisons loses legal challenge

The BBC reported this week that Morrisons had lost its challenge to a High Court ruling that it is liable for a data breach that saw thousands of its employees’ details posted online, with the Court of Appeal upholding the original decision against the supermarket. Andrew Skelton, who posted the data because of a grudge, was jailed for eight years in 2015.

The newswire quoted Nick McAleenan of JMW Solicitors, who was representing the claimants, as saying that they were ‘delighted’ with the outcome. The blue-chip supermarket meanwhile noted that it would now appeal to the Supreme Court.

Analysts on blue-chip supermarket

The 15 analysts offering 12-month price targets for Morrisons for the Financial Times have a median target of 250.00p on the shares, with a high estimate of 300.00p and a low estimate of 195.00p. As of October 20, the consensus forecast amongst 20 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.  

As of 09:51 BST, Wednesday, 24 October, Wm. Morrison Supermarkets plc share price is 251.20p.

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