It’s very rare for securities fraud defendants to successfully rebut the fraud-on-the-market presumption of reliance to beat a case. So even though the immediate stakes weren’t too high, it counts as a significant victory for Vivendi S.A. and its lawyers at Cravath, Swaine & Moore that they managed to pull it off last week.
The Cravath team, led by Paul Saunders and Timothy Cameron, won dismissal of a $3.5 million suit brought by subsidiaries of Gabelli Asset Management Inc. (Gamco), which accused Vivendi of covering up a liquidity crisis brought on by a series of mergers and acquisitions that began in the late 1990s. And according to Saunders, the decision could help Vivendi limit the damage from long-running class action litigation related to the same liquidity crisis.
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