In France the hearing was set for November 25

A French group in Paris French shareholders have a right to join a process of "class action" initiated in the United States Even if the answer not definitively, Vivendi trial which is currently held in New York has the merit of the question, boosting the crossing the debate on the "class actions" to the French.

In this case, the American Judge Richard Holwell ruled by giving the French shareholders the possibility, to the great satisfaction of the Adam (Association for the defence of minority shareholders) represented by Colette Neuville. "The French procedure does not collective action, that is why we asked to be associated with the American procedure," she explains. Holwell j.a. held that the determination of the procedure of "class action" might apply in France, and therefore saw no objection to that French shareholders are included. "It is highly likely that a judgment in this case will benefit from recognition when the exequatur procedure will be initiated," estimated the judge Holwell in his order on March 31.

Possible cases

Could not however move that this decision will be case law. Because, before him, other American judges had instead excluded foreign shareholders in the procedures of class action. In the United States, the judge is only to decide, case by case, on the admissibility of such a request.

Vivendi also considers unfounded the decision of judge Holwell. The Group appealed but without success. For the group, the French shareholders can only turn to the courts of France, because they have purchased their shares in France and dependent on the French regulations. "It is a procedure for a possible violation of the U.S. stock market right." "French shareholders have nothing to do about it", State Counsel for Vivendi. In addition, they believe that the procedure of "class action" is incompatible with the French law, that the American judge disagreed, believing instead that French law was moving towards the adoption of procedures of class action.

The question is sour last weekend, when Vivendi launched legal action in France against two members of the Adam and its President. Considering their unreasonable approach, the group asks Justice to bar them from joining in the "class action" and asks, in his summons, 1 million euros in damages and interest.

Since then, Vivendi indicated review this amount down to 1,000 euros only, but Colette Neuville provides not receiving corrigendum. For her, the million of euros requested remains topical. An impressive sum for two minority shareholders, even if the Group considers that he intends primarily to obtain a ruling preventing the French to join the American procedure. This procedure has been described as "pressure" on the part of the French shareholders listed in the class action, the President of the Adam speaking of "blackmail".Their reaction has not been expected: they asked the judge Holwell order to Vivendi to withdraw this procedure. The judge should make its decision by the end of the week. In France, the hearing was set for November 25.

Significant financial risk

If the issue is as important to Vivendi, it is because the French shareholders constitute the major part of the associated complainants in this "class action". Without them, the procedure would lose its weight and would be much cheaper for the Group an adverse decision. One thing is certain: this procedure begins to be very expensive to Vivendi. In 2008, the Group spent 83.6 million euros in commission and fees, $ 23 million more than the previous year. An increase in Vivendi's focus on the account of two procedures: the "class action" in the United States, and the procedure for Elektrim in Poland.