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US court rejects Vivendi appeal in class suit

A U.S.appeals court dismissed VivendiSA's appeal in a long-running shareholder class-action suit in theU.S., Reuters reported Sept. 27.

Athree-judge panel from the U.S. Court of Appeals for the Second Circuit in NewYork upheld a 2010 federal jury verdict, which found the media conglomerate guilty of breaching federalsecurities laws. The panel, however, rejected the class-actionplaintiffs' arguments in their cross-appeal to expand the scope of claim, amongothers.

The 2002lawsuit concerns Vivendi's merger with Seagram Co. and , in which Vivendiallegedly misled shareholders regarding its financial health.

Vivendisaid it disagrees with the Court of Appeals decision upholding the lawsuit, andcould seek further review before the former and/or file a petition for reviewwith the U.S. Supreme Court.

The court also upheld a 2013 district court rulingthat Vivendi is not liable to GAMCO Investors Inc. under the U.S. securitieslaws.