A Manhattan federal judge has substantially limited the number of investors who can claim damages in a securities fraud action against the French media company Vivendi that produced a $9.3 billion jury verdict in January 2010. Citing Morrison v. National Australia Bank , Southern District Judge Richard Holwell on Tuesday dismissed claims by ordinary shareholders because the shares traded on foreign exchanges.
February 24, 2011 at 12:00 AM
1 minute read
A Manhattan federal judge has substantially limited the number of investors who can claim damages in a securities fraud action against the French media company Vivendi that produced a $9.3 billion jury verdict in January 2010.
Citing the U.S. Supreme Court’s decision in Morrison v. National Australia Bank, 130 S. Ct. 2869, Southern District Judge Richard Holwell on Tuesday dismissed claims by ordinary shareholders because the shares traded on foreign exchanges.
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