Supreme Court ruling to protect Vivendi from further claims

French conglomerate Vivendi has secured a ruling from the US Supreme Court that foreign shareholders from any country or company outside the US buying or selling shares on foreign stock exchanges cannot plead for compensation under US law.

Vivendi said it was satisfied with the decision, which will offer it protection against fresh claims by non-US shareholders in the ongoing class action against it in the US over alleged fraud and failure to disclose a liquidity crisis under former CEO Jean-Marie Messier, reportedly reducing its potential liability by over 80%.

Separately, Vivendi is reportedly unwilling to pay Lagardère Group the amount by the latter for its 20% in pay-TV outfit Canal Plus. According to Le Figaro newspaper, citing unnamed sources, Lagardère wants €1.35bn for the stake.

Most Recent