Judge Cuts Vivendi Damages For Misleading Investors
February 24, 2011 at 4:22 AM (PT)
UNIVERSAL MUSIC GROUP's parent company, VIVENDI, has won a legal victory after a U.S. judge limited the number of shareholders who can pursue a lawsuit against the company over alleged false financial statements relating to its $46bn merger with SEAGRAM and CANAL PLUS in 2000.
The company said the judge's decision would reduce the damages it could potentially face by 80% from a figure of more than $9bn (£5.5bn).
VIVENDI CEO JEAN-BERNARD LÉVY said, "We are very satisfied with TODAY's decision. It is a substantial victory for VIVENDI."