- Televisa reached an agreement to withdraw a lawsuit in the United States, after making a payment of almost 21.5 million dollars.
LUIS PABLO SEGUNDO / REFORM AGENCY
MEXICO CITY.- Grupo Televisa reached an agreement to withdraw a class action lawsuit in the United States, after making a payment of almost 21.5 million dollars.
“Today an agreement has been reached in principle to resolve the class action lawsuit (securities class action lawsuit) called In re Grupo Televisa Securities Litigation, Case No. 18 Civ. 1979 (LLS),” the company informed the Mexican Stock Exchange. .
In 2018, the lawsuit against Televisa and two other actors was filed before the United States District Court for the Southern District of New York, he stated.
The class action lawsuit was from shareholders who alleged that Televisa and some executives made false and misleading statements and failed to disclose that company officials were involved in illegal bribery schemes involving FIFA, according to press reports.
The claims are without merit, the company said, but it acknowledged that eliminating this distraction, expense and risk of continuing litigation was in the best interest of the company and its shareholders.
The report details that the transaction agreement in principle is subject to completion by the parties.
In addition, it will require the authorization of the Court, notification to the plaintiffs (putative class) and the fulfillment of certain conditions for its effectiveness, which can take a few months.
“The company anticipates that the parties will prepare and sign a definitive transaction agreement for a total amount of 95 million dollars,” he clarified.
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