Vivendi ‘pleased’ with Supreme Court decision to limit use of US law to sue foreign firms

Vivendi ‘pleased’ with Supreme Court decision

NEW YORK — Paris-based conglomerate Vivendi SA said Friday it is “very satisfied” with Thursday’s Supreme Court decision that put new limits on foreign investors who want to use U.S. law and courts to sue foreign companies for fraud.

The ruling, which said foreign investors can’t sue U.S. or foreign firms for misconduct related to securities traded on foreign exchanges, could affect ongoing lawsuit against Vivendi.

In January, a U.S. jury decided in favor of American and European shareholders who said Vivendi lied to the public about its shaky finances.

Plaintiffs said at the time the potential payout to investors could total $9.3 billion, but Vivendi has said it is impossible to estimate the amount.