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Vivendi settles legal dispute over 3-way merger

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Vivendi settles legal dispute over 3-way merger

Vivendi SA has agreed to settle the remaining claims of a long-standing class-action lawsuit filed by shareholders in 2002 over a three-way merger.

Under an agreement, Vivendi will pay $26.4 million, which represents one-third of the total $78 million the company will pay to resolve the entire litigation, including the judgments previously entered.

The resolution of this litigation will result in a net reversal of provision of about €25 million in Vivendi's 2017 financial statements. The reversal will be taxed in 2017. The settlement is subject to final approval of the court.

In September 2016, a U.S. appeals court dismissed Vivendi's appeal in the shareholder class-action suit in the U.S. The 2002 suit concerns Vivendi's merger with Seagram Co. and Canal Plus SA, in which Vivendi was accused of misleading shareholders regarding its financial health.