Vivendi To Cut US Class Action Provision
Headline Legal News
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.
Related listings
-
Horizon Lines to plead guilty to fixing prices
Headline Legal News 02/21/2011U.S. authorities say the shipping company Horizon Lines LLC has agreed to plead guilty to fixing prices and to pay a $45 million fine.A Justice Department statement Thursday says the company was accused of conspiring to fix rates and surcharges for f...
-
as man on Neb. death row appeals to high court
Headline Legal News 02/19/2011A Texas man on Nebraska's death row for killing two men has appealed his case to the state Supreme Court.Marco Torres Jr., formerly of Pasadena, Texas, was convicted of two counts of first-degree murder and other charges in the 2007 shooting deaths o...
-
Fla. Ruling Big Tobacco Won Comes Back To Bite It
Headline Legal News 02/18/2011A Florida Supreme Court ruling that threw out a $145 billion award against cigarette makers is biting Big Tobacco back, making it dramatically easier for thousands of smokers to sue and turning the state into the nation's hot spot for damage awards.T...
Victorville CA DUI Lawyers - Drunk Driving Defense Attorney
The outcome of a Victorville CA DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
If you fail a sobriety test or have a blood alcohol level above 0.8%, you are considered to be driving under the influence in which you will be arrested. During this time you will be read your Miranda rights and it is crucial to exercise your right to remain silent. As they say, “anything you say can and will be held against you in court.” The courtroom takes no mercy on drunk drivers and any statement you make during your arrest will only damage your case.
Business News
404
Not Found
The resource requested could not be found on this server!