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NY jury awards over $950 million to Liberty Media
Monday - 6/25/2012, 6:21pm EDT
NEW YORK (AP) - A New York jury has awarded more than $950 million to U.S. media group Liberty Media after concluding French entertainment group Vivendi deceived it.
The jury in federal court in Manhattan issued the award Monday after hearing evidence related to a stock swap involving USA Networks a decade ago. Liberty Media had accused Vivendi of deceiving it with rosy statements about its finances when the actual records reflected a liquidity crisis in the company.
Vivendi says it will appeal the jury verdict. It says it will seek "all available paths of action to overturn the verdict or reduce the damages award."
It says it believes "strongly that it did nothing wrong and will continue to vigorously defend itself."
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)