Court Watch - POSTED: 2010/06/28 09:33
Vivendi on Friday hailed a U.S. Supreme Court ruling limiting foreign shareholders' rights to seek compensation in the United States.
Vivendi is trying to exclude French shareholders from a U.S.-based class action lawsuit on whether it misled investors about its financial health.
The entertainment-to-telecoms group said it was very satisfied with a U.S. ruling on Thursday, which dismissed a suit against National Australia Bank Ltd (NAB.AX) by foreign investors seeking damages in a New York court.
The Supreme Court ruled foreign investors who bought shares of National Australia Bank on an overseas stock exchange cannot sue in a New York court over large writedowns tied to the bank's onetime U.S. mortgage unit.
The justices upheld a ruling by a U.S. appeals court that dismissed the lawsuit on the grounds that American courts did not have jurisdiction.