France’s Top Court Says Bloomberg Liable Over Hoax Release – Bloomberg

France’s top court upheld an earlier decision that Bloomberg LP could be sanctioned after its journalists published information from a fake press release in 2016 that sent Vinci SA shares tumbling.

In a statement released with its ruling on Wednesday, the Cour de Cassation, France’s supreme court, said it agreed with a 2021 ruling by the Paris court of appeal that the company could be sanctioned over the issue even though it gained no advantage from the release and didn’t intend to mislead the market. It also said the €3 million fine decided by the appeals court was proportional.

Bloomberg faced an initial penalty of €5 million decided by the enforcement committee of the Autorite des Marches Financiers, an amount that was reduced in the 2021 appeals court decision.

Source: France’s Top Court Says Bloomberg Liable Over Hoax Release – Bloomberg