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Investors seek $ 1.2 billion in damages from Vivendi in fraud



(Reuters) – A group of investors will call on a French court on Tuesday to support its claim for one billion euros ($ 1.2 billion) in damages from Vivendi, claiming that the media giant made false financial reports under a merger agreement for two decades ago

In their lawsuit, the 90 investors, represented by the law firm Soffer Avocats, claim that top executives at the time did not fully disclose the extent of Vivendi's debt when the group monitored a three-way connection to Seagram Co. with $ 46 billion. . and Canal Plus.

Vivendi's boss at the time was Jean-Marie Messier.

"The investor group claims that Messier and other Vivendi executives presented false finances to conceal the existence of a serious liquidity crisis in the company," a spokesman for the investor group said in a written statement.

Vivendi's lawyer told Reuters that the allegation was unfounded, citing an earlier decision by a French criminal court that ruled that Messier and other Vivendi executives were not falsely issuing education at the time.

"This case has already been adjudicated several times in France, in particular by the criminal judge, who ruled out Vivendi issuing false information," said Hervé Pisani, CEO of Freshfields in Paris. [1

9659002] The case will be heard in the Paris Commercial Court. The court may take several weeks or months before issuing a decision.

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