Vivendi is claiming a major legal victory after a US judge limited the number of shareholders who can pursue it over alleged false financial statements relating to the Seagram / Canal Plus merger in 2000. The company said the decision would reduce the damages it could potentially face by 80 per cent from a figure of more than £5.5 billion (€6.5bn).

Jean-Bernard Lévy, the Vivendi chief executive, called the decision a “substantial victory”. The legal action relates to statements made about the financial health of the company stemming from its $46 billion merger.

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