NEW YORK, June 25, 2012 -- A jury awarded Liberty Media Corporation approximately €765 million in damages in a lawsuit against Vivendi Universal S.A., et. al. filed in the United States District Court for the Southern District of New York.
The jury awarded these damages based on its finding of breach of contract and federal securities fraud, arising out of Liberty Media’s 2001 contract with Vivendi over a transaction involving Liberty Media’s shares in USA Networks. Judgment will be entered after the Court rules on post-trial briefing.
“In Liberty Media’s view, the substantial damages award is very gratifying,” said Michael Calhoon of Baker Botts. “But what is better is that the jury recognized that Liberty had lived up to its obligations under the contract and Vivendi did not.”
Lead trial counsel for Liberty Media were Baker Botts lawyers Michael Calhoon, Stan Mortenson and Alexandra Walsh.
Liberty Media has been a long-time client of the firm with respect to transactional and litigation matters. In 2011, Baker Botts successfully litigated on behalf of Liberty Media against The Bank of New York, as trustee of Liberty Media’s public debt indenture, in Delaware Chancery Court along side local counsel.
Previously, Baker Botts successfully defended Liberty Media in a contract dispute with London-based Klesch & Company Ltd. Baker Botts has also represented Liberty Media in numerous transactions, including acquisitions of a 17% equity interest in Barnes & Noble, a 40% equity interest in Sirius XM Radio Inc. and 100% of the Atlanta Braves, and merger transactions with The DirecTV Group and Discovery Communications, Inc.
The Liberty Media news release is available here.
About Liberty Media Corporation
Liberty Media (Nasdaq: LMCA, LMCB) owns interests in a broad range of media, communications and entertainment businesses, including its subsidiaries Atlanta National League Baseball Club, Inc. and TruePosition, Inc., its interests in Starz, LLC, SiriusXM, Live Nation Entertainment and Barnes & Noble, and minority equity investments in Time Warner Inc. and Viacom.
About Baker Botts
Baker Botts is an international law firm with over 725 lawyers and a network of 13 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 172-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit www.bakerbotts.com.