Connect with us

Hi, what are you looking for?

Stock

Investors seek $1.2 billion in damages from Vivendi in fraud lawsuit

Stock Markets6 minutes ago (Mar 09, 2021 01:15AM ET)

(C) Reuters. FILE PHOTO: French media giant Vivendi’s logo in Paris

PARIS (Reuters) – A group of investors will urge a French court on Tuesday to back its claim for 1 billion euros ($1.2 billion) in damages from Vivendi (OTC:VIVHY), alleging the media giant made false financial statements during a merger deal two decades ago.

In their lawsuit, the 90 investors, represented by law firm Soffer Avocats, allege top executives at the time failed to fully disclose the extent of Vivendi’s debt as the group oversaw a $46 billion three-way tie-up with Seagram Co and Canal Plus.

Vivendi’s boss at the time was Jean-Marie Messier.

“The investor group contends that Messier and other Vivendi executives presented fake financials to conceal the existence of a severe liquidity crisis at the company,” a spokesman for the investors’ group said in a written statement.

Vivendi’s lawyer told Reuters the claim was groundless, citing a previous decision by a French criminal court that ruled Messier and other Vivendi executives didn’t issue false information at the time.

“This case has already been judged several times in France, in particular by the criminal judge, who ruled out that Vivendi issued any false information,” said Herve Pisani, managing partner of Freshfields in Paris.

The case will be heard at Paris’s commercial court from 1300 GMT. The court can take several weeks or months before announcing a decision.

($1 = 0.8435 euros)

Investors seek $1.2 billion in damages from Vivendi in fraud lawsuit

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved