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Vivendi To Cut US Class Action Provision
Court Watch | 2011/02/25 09:09

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.



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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet.
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