Vivendi faces class action

PARIS – A lawyer said on Saturday he has launched a class action lawsuit to recover losses which small French shareholders incurred when telecoms and media group Vivendi Universal nearly collapsed in 2002.

Frederik-Karel Canoy said Vivendi may be willing to pay two billion euros (N$16 billion) but an association representing small shareholders, APPAC, said it was not aware of any figures and wanted the lawsuit withdrawn. Vivendi declined to comment.The action, launched on Friday, was the first of its kind in France, and a website was seeking to attract more small shareholders who had suffered losses between January 1999 and April 2005, Canoy said.”On losses of more than 100 billion euros, compensation of two billion euros is proposed to us,” he told France Info radio.Canoy told Reuters the sum offered was “a drop in the ocean” and “an insult and affront to small shareholders”.-Nampa-ReutersVivendi declined to comment.The action, launched on Friday, was the first of its kind in France, and a website was seeking to attract more small shareholders who had suffered losses between January 1999 and April 2005, Canoy said.”On losses of more than 100 billion euros, compensation of two billion euros is proposed to us,” he told France Info radio.Canoy told Reuters the sum offered was “a drop in the ocean” and “an insult and affront to small shareholders”.-Nampa-Reuters