Mexican court enters preliminary $2.7 bln judgment against Yahoo

SAN FRANCISCO Fri Nov 30, 2012 5:48pm EST

SAN FRANCISCO Nov 30 (Reuters) - A civil court in Mexico entered a preliminary $2.7 billion judgment against Yahoo Inc for breach of contract involving a yellow pages listings service, Yahoo said on Friday.

Yahoo said that it believes the claims are without merit and that it will vigorously pursue all appeals.

Shares of Yahoo were off 1.7 percent at $18.45 in after hours trading on Friday.

The lawsuit was brought by Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V. against Yahoo and Yahoo de Mexico, Yahoo said.

"The plaintiffs alleged claims of breach of contract, breach of promise, and lost profits arising from contracts related to a yellow pages listings service," Yahoo said in a statement on Friday.

Yahoo said the ruling was a "non-final judgment" by the 49th Civil Court of the Federal District of Mexico City.

It was not immediately clear when the lawsuit was filed against Yahoo. Yahoo's most recent 10Q filing, which lists major ongoing litigation, makes no mention of the lawsuit.

Worldwide Directories and Ideas Interactivas could not immediately be reached for comment. Documents from local courts in Mexico are not available for public consultation.

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article