* Vivendi says U.S. Supreme Court ruling is favourable
* Says ruling in line with position defended by Vivendi
(Writes through, adds details, context)
PARIS, June 25 (Reuters) - Vivendi VIV.PA 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. [ID:nN24127966]
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.
Vivendi said on Friday the U.S. Supreme Court ruling was “totally in line with the position defended all along by the group in the American and French courts”.
Vivendi has said it could end up paying out 800 million euros ($1.1 billion) if a U.S.-based class action lawsuit led to a guilty verdict on claims the French group misled investors.
On Jan. 29, a Manhattan federal court jury found the group misled shareholders about Vivendi’s financial health between October 2000 and August 2002, when Vivendi shares lost almost 90 percent of their value. [ID:nN29195757]
In April, a French judge rejected Vivendi’s bid to exclude French shareholders from the U.S. class action lawsuit on the grounds that American law on class actions differs from French. [ID:nLDE63R2AZ] (Reporting by Dominique Vidalon; Editing by David Holmes) ($1 = 0.7453 euro)
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