Mexican court orders Yahoo to pay $2.7bn

Mexican court orders Yahoo to pay $2.7bn

PanARMENIAN.Net - Internet group Yahoo says it has been ordered to pay $2.7 billion by a Mexican court, according to BBC News.

The reported ruling follows a lawsuit stemming from allegations of breach of contract and lost profits related to a yellow pages listing service.

Yahoo said it "believes the plaintiffs' claims are without merit and will vigorously pursue all appeals".

The lawsuit had been brought by Worldwide Directories SA de CV and Ideas Interactivas SA de CV.

In a statement on its website Yahoo said the 49th Civil Court of the Federal District of Mexico City had "entered a non-final judgment of US $2.7 billion against Yahoo! Inc. and Yahoo de Mexico" in the case.

Shares in Yahoo, which is based in Sunnyvale, California, fell by 1.4% in after-the-bell trading following the news.

 Top stories
Zuckerberg talked about the coming virtual reality wave, which his company made a big bet on when it purchased headset maker Oculus Rift.
YouTube, eager to capture cord cutters with original content, is about to debut one show and three movies to the Red subscription service.
"It looks like Google continues to execute on mobile advertising," said Neil Doshi managing director of research at Mizuho Securities.
Some of the executives are departing under pressure and others decided on their own to leave the company, the person said.
Partner news