Yahoo! ordered to pay $2.7 bn by Mexican court

Nov 30, 2012
Yahoo! said it was ordered to pay $2.7 billion by a Mexican court in a lawsuit stemming from allegations of breach of contract and lost profits related to a yellow pages listing service.

Yahoo! said Friday it was ordered to pay $2.7 billion by a Mexican court in a lawsuit stemming from allegations of breach of contract and lost profits related to a yellow pages listing service.

The US Internet giant said in a statement it "believes the plaintiffs' claims are without merit and will vigorously pursue all appeals."

The California company's statement offered few details on the case.

It said the 49th of the Federal District of Mexico City has "entered a non-final judgment of US $2.7 billion against Yahoo! Inc. and Yahoo de Mexico" in the case.

The lawsuit was brought by Worldwide Directories SA de CV and Ideas Interactivas, and "alleged claims of breach of contract, breach of promise, and lost profits arising from contracts related to a yellow pages listings service," Yahoo! said.

Yahoo! shares were down 1.4 percent in after-hours trade on the news.

Yahoo! in October reported that its rocketed above $3 billion, fueled by the sale of part of its stake in Chinese e-commerce giant Alibaba.

The California company's revenue from was little changed from the same quarter last year but Yahoo! reported its income from ads served up with online search results was up 11 percent.

It has been trying to reinvent itself as the search pioneer has been overtaken by .

Explore further: Amid scrutiny, Uber vows bigger focus on safety

add to favorites email to friend print save as pdf

Related Stories

Japan's Softbank unloads Yahoo! shares

Aug 26, 2011

Japanese telecom giant Softbank on Friday said it was selling the bulk of its holdings in US Internet firm Yahoo! to Citibank in repayment of a 2004 loan.

China fund may help Alibaba in Yahoo! bid: report

May 25, 2012

China Investment Corporation is in advanced talks to add up to $2 billion to the Alibaba Internet Group's efforts to buy back a stake from struggling Internet pioneer Yahoo!, the New York Times reported.

Yahoo! shares drop as Alibaba service spins off

May 12, 2011

Yahoo! stock sank on news that Alibaba has spun its online payment business out of reach of the US Internet pioneer, which owns a large stake in China's leading online search service.

Yahoo! shares sink on Alibaba tensions

May 13, 2011

Yahoo! shares extended their slide on Friday amid tensions with Alibaba Group, the Chinese e-commerce giant in which the California Internet company holds a large stake.

Recommended for you

Underfire Uber ramps up rider safety

12 hours ago

Uber is ramping up driver background checks and other security measures worldwide after the smartphone-focused car-sharing service was banned in New Delhi following the alleged rape of a passenger.

Sony cancels NKorea parody film release after threats

12 hours ago

Hollywood studio Sony Pictures on Wednesday abruptly canceled the December 25 release date of "The Interview," a parody film which has angered North Korea and triggered chilling threats from hackers.

Sprint accused of billing for unwanted services

16 hours ago

(AP)—Federal regulators are accusing Sprint Corp. of illegally billing its wireless customers hundreds of millions of dollars in charges for text message alerts and other services that they didn't order.

User comments : 3

Adjust slider to filter visible comments by rank

Display comments: newest first

kevinrtrs
2.2 / 5 (17) Dec 01, 2012
For Worldwide Directories SA de CV and Ideas Interactivas and to have lost 2.7 billion in profit would take some miraculous performance on their part under normal circumstances. This sounds like someone is on the take.
Duude
1.7 / 5 (12) Dec 01, 2012
Mexico seeks to double their GDP by collecting a ridiculous judgment from Yahoo.
Noumenon
2.3 / 5 (21) Dec 01, 2012
Mexico is corrupt from top to bottom.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.