English
French
German
Italian
Russian
Spanish
Mexico’s Televisa reaches $95 million investor settlement over FIFA bribery role
Mexico’s Televisa reaches $95 million investor settlement over FIFA bribery role By Reuters
Breaking News
‘;
Stock Markets 28 minutes ago (Mar 01, 2023 11:11AM ET)
2/2
(C) Reuters. FILE PHOTO: The logo of broadcaster Televisa is seen outside its headquarters in Mexico City, Mexico, December 14, 2022. REUTERS/Raquel Cunha/File Photo
2/2
By Jonathan Stempel
NEW YORK (Reuters) – Grupo Televisa SAB has reached a $95 million settlement to resolve a U.S. investor lawsuit accusing the Mexican broadcaster of bribing FIFA soccer officials to win rights to four World Cup tournaments.
The all-cash preliminary settlement with holders of Televisa’s American depositary receipts (ADRs) was filed late Tuesday night in Manhattan federal court, and requires a judge’s approval.
Televisa was accused of artificially inflating its ADR price by concealing how it schemed to obtain World Cup rights for 2018, 2022, 2026, and 2030 through bribery, while publicly touting its commitment to ethical business practices. FIFA is soccer’s world governing body.
Investors said they suffered losses as the bribery became known during corruption trials in Brooklyn, New York, causing the ADR price to fall.
Televisa denied wrongdoing in agreeing to settle. It did not immediately respond on Wednesday to requests for comment.
The lead plaintiff is the Palm Tran Inc Amalgamated Transit Union Local 1577 Pension Plan of Atlanta.
Its law firm Boies, Schiller & Flexner may seek up to $28.5 million of the settlement in fees and $3.5 million for expenses.
The U.S. Attorney’s office in Brooklyn unveiled its probe into international soccer corruption in 2015.
More than 40 defendants have been criminally charged, and at least 31 have pleaded guilty.
Three defendants, former 21st Century Fox executives Hernan Lopez and Carlos Martinez and Argentine sports marketing company Full Play Group SA, are on trial in Brooklyn.
Two other defendants, former Brazilian soccer chief Jose Maria Marin and former CONMEBOL head Juan Angel Napout of Paraguay, were convicted at trial in 2017.
The case is In re Grupo Televisa Securities Litigation, U.S. District Court, Southern District of New York, No. 18-01979.
Mexico’s Televisa reaches $95 million investor settlement over FIFA bribery role
Terms And Conditions
Privacy Policy
Risk Warning
(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
