Judge Pares Class Claims In Vivendi Securities Suit

Law360, New York (February 22, 2011, 11:09 PM EST) -- A federal judge on Tuesday tossed common shareholders' claims in a massive fraud class action against Vivendi SA, complying with the U.S. Supreme Court's ruling that the Securities Exchange Act of 1934 cannot be used to regulate foreign securities exchanges.

Judge Richard Holwell of the U.S. District Court for the Southern District of New York trimmed the class of shareholders to include only those Vivendi investors from the U.S., France, England and the Netherlands who purchased American Depositary Receipts of Vivendi between October 2000 and August...
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