Vivendi To Cut US Class Action Provision
Headline Legal News | 2011/02/24 17:13

Vivendi SA said Wednesday it will significantly reduce the EUR550 million provision it had made to cover potential damages for a U.S. class action case after a U.S. judge narrowed the size of the class.

The Paris-based company's potential liabilities have been slashed by 80% in light of the court victory, which will free up more cash as the group prepares to buy out Vodafone PLC's minority stake in telecoms operator SFR.

Vivendi made the provision in its 2009 accounts to cover any eventual payout after a jury in January last year found the company liable for 57 misstatements about its financial condition in the two years leading up to its near bankruptcy in 2002.

The damages arising from the ruling in January 2010, which was based on a class involving shareholders outside the U.S., could have totaled more than $9 billion, according to lawyers for the shareholders, although Vivendi's lawyer Herve Pisani rejected the sum as "unfounded."

The ruling Tuesday by U.S. District Judge Richard Holwell that shareholders who bought Vivendi shares outside the U.S. are barred from bringing fraud claims against the company in the U.S., considerably narrowed the overall size of the potential class.



[PREV] [1] ..[1496][1497][1498][1499][1500][1501][1502][1503][1504].. [1967] [NEXT]
All
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Opinions
Court makes no ruling in resolvin..
State appeals court reinstates Ca..
Kentucky high court: Death penalt..
NY high court nixes Trump's bid t..
Gamers in court for first time af..
Kansas court avoids ruling on exe..
Gamers in court for first time af..
MMA star Conor McGregor heads to ..
Kansas Supreme Court sends DNA re..
Court: Compliance reached in educ..
Seals can keep using San Diego ch..
Top Texas court says condemned in..
UK Supreme Court criticizes North..
Congressional Dems take Trump to ..
Detroit-area couple in court over..
High Court Rules in Dispute Over ..
Romania: Court tells president to..
Man run down, 50 years after kill..
Suspect in vandalism to Jewish bo..
The Latest: Colorado governor ann..




Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
China trademark registration lawyer
www.ctplo.com
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
www.krol-law.com
Downtown Manhattan Business Law Attorneys
Breach of Contract Lawyers
www.woodslaw.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Houston Estate Administration Lawyer
www.trishaenglishlaw.com
Car Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Law Firm Web Design Templates
Lawyer Website Templates
www.webpromo.com
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
 
 
 
Copyright © ClickTheLaw.com. All Rights Reserved. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the www.clickthelaw.com you agree to be bound by these Terms & Conditions.

Law Firm Website Design by Lawyer Website Design Blog - Lawyer Web Site Design That Works