Class action against Vivendi Universal begins in New York

A class action suit against the former management of Vivendi Universal, including former CEO Jean-Marie Messier and chief financial officer Guillaume Hannezo, and the company itself, has opened in New York.

The suit, brought by representatives of small shareholders in the company, alleges that Vivendi Universal’s management gave false information about the liquidity of the group and its ability to honour its debts during the period of its rapid expansion between 2000 and 2002, at the end of which it was on the verge of financial meltdown.

The process is expected to take between two to three months to reach a conclusion.