Plaintiffs in Mexico Yahoo case say will appeal court ruling
MEXICO CITY (Reuters) - Two Mexican firms embroiled in a contractual dispute with Yahoo Inc will appeal a court ruling that overturned an earlier $2.75 billion judgment in their favor, a director of the companies said on Friday.
Yahoo announced the decision by the Mexican appellate court on Thursday. Both Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V. will contest the ruling, said Carlos Bazan-Canabal, a director at the companies.
"We're going to appeal it on the grounds of unconstitutionality," said Bazan-Canabal, adding that the plaintiffs would provide more details next week.
Last year, a civil court in Mexico City awarded the companies some $2.75 billion in a preliminary judgment that took the tech world by surprise. Yahoo fought that decision, prompting the higher appeals court to rule in its favor.
The dispute centers on alleged breach of contract by Yahoo relating to agreements signed between Yahoo de Mexico and Ideas Interactivas between 2002 and 2004 over a venture for an online business search function as well as printed volumes.
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.