Baker Botts announced Friday that it secured a $775 million settlement for firm client Liberty Media in a decade-long securities fraud litigation against Vivendi Universal S.A.
The business dispute stemmed from a transaction between Vivendi and Liberty Media in 2001 when the French company bought Liberty Media’s 21 percent stake in USA Networks. Liberty Media alleged that the CEO of Vivendi misled the Englewood, Colorado-based company about the value of its shares.
A four-week trial in 2012 resulted in a New York jury finding Vivendi liable for breach of contract and securities fraud. The court awarded Liberty Media more than $956 million.
The settlement announced Friday results in a dismissal of all appeals and mutual releases of the parties, according to the press release from Baker Botts.
“This settlement brings to a close one of the highest profile securities fraud cases in the last twenty years,” Michael Calhoon, a partner in Baker Botts’ Washington, D.C. office, said in a statement. “We are delighted that Liberty Media has reached a fair and equitable resolution of this case.”
Calhoon, who was the lead lawyer on the case, was assisted by a number of Washington, D.C.-based lawyers and Houston partner Macey Stokes, who heads the firm’s appellate practice.
Washington, D.C.-based law firm WilmerHale also represented Liberty Media.
Lawyers from Gibson Dunn advised Vivendi in the settlement.