Mexican court enters preliminary $2.7 billion judgment against Yahoo
December 1, 2012 9:56 AM EST
A civil court in Mexico entered a preliminary $2.7 billion judgment against Yahoo Inc for breach of contract involving a yellow pages listings service, Yahoo said on Friday.
Yahoo said that it believes the claims are without merit and that it will vigorously pursue all appeals.
Shares of Yahoo were off 1.7 percent at $18.45 in afterhours trading on Friday.
The lawsuit was brought by Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V. against Yahoo and Yahoo de Mexico, Yahoo said.
"The plaintiffs alleged claims of breach of contract, breach of promise, and lost profits arising from contracts related to a yellow pages listings service," Yahoo said in a statement on Friday.
Yahoo said the ruling was a "non-final judgment" by the 49th Civil Court of the Federal District of Mexico City.
It was not immediately clear when the lawsuit was filed against Yahoo. Yahoo's most recent 10Q filing, which lists major ongoing litigation, makes no mention of the lawsuit.
Worldwide Directories and Ideas Interactivas could not immediately be reached for comment. Documents from local courts in Mexico are not available for public consultation.
(Reporting By Alexei Oreskovic; Editing by David Gregorio)
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Kendall Jenner Could Be Next Victoria's Secret Angel [PHOTOS]
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- Google Nexus 6 Release Date on Q4 2014 Confirmed by T-Mobile Featuring Wi-Fi Calling
- Why Samsung Galaxy S5 Is Not The Best Smartphone To Purchase Now? If You Still Want To, Wait For A Month To Get It Cheap
- Apple iPad Air 2, iPad Mini 3 October Release Date Roundup: Freshly Leaked Protective Case Debuts Unique Vent Alongside Camera
- Canadian IS Jihadist Wants to ‘Play Soccer’ with Heads of US Decapitated Soldiers
- Warning to U.S. – ISIS Has Shot Down a Syrian Regime Fighter Jet
- Spice Dream Uno vs Xiaomi Redmi 1S: Android One Smartphone to Challenge The Existing Budget Friendly Smartphone