January 6, 2010

Vivendi Alert

There have been only seven securities class actions tried to a verdict where the conduct at issue took place after the passage of the PLSRA in 1995. Are we about to see one more added to the list?

The American Lawyer reports that closing arguments have begun in the Vivendi securities class action trial, which started last October. (For more coverage on the trial, see these Reuters and Bloomberg articles from last year on the testimony of ex-Vivendi CEO Jean-Marie Messier.) The jury is scheduled to get the case later this week.

Quote of note: "The plaintiffs alleged, among other things, that Vivendi failed to disclose a liquidity crisis, but [counsel for the defendants] told the jury there was no such crisis to disclose. He said that his side had 'proved it in spades,' citing the testimony of Vivendi witnesses who said the company was able to meet its debt obligations."

Posted by Lyle Roberts at January 6, 2010 7:42 PM | TrackBack
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