Today, the jury in the Vivendi securities class action trial (SDNY) found the company liable on all 57 claims alleged against it, concluding that the company acted recklessly and inflated its shares. Bloomberg reports that individual Vivendi defendants including former CEO Jean-Marie Messier were not found to have been liable, however.
The jury was not asked to provide a damages figure. The amount of damages will be calculated after shareholders submit claims, Bloomberg reports. A lawyer for the Vivendi investors, however, estimated damages today at $4 billion. The figure depends on how many members of the class filer claims–typically, less than 35 percent of shareholders submit claims in class action settlements.