Yahoo to pay $2.7bln over breach of contract
A Mexican court has reportedly ordered embattled Internet firm Yahoo to pay 2.7 billion dollars.
London: A Mexican court has reportedly ordered embattled Internet firm Yahoo to pay 2.7 billion dollars.
The reported ruling follows a lawsuit stemming from allegations of breach of contract and lost profits related to a yellow pages listing service.
According to the BBC, Yahoo said it ‘believes the plaintiffs’ claims are without merit and will ‘vigorously pursue all appeals’.
“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,” the firm said in statement on its website.
According to the report, the lawsuit had been brought by Worldwide Directories SA de CV and Ideas Interactivas SA de CV.
Shares in Yahoo fell by 1.4 percent in after-the-bell trading following the news, the report added.