In a decision issued yesterday, Judge Scheindlin held that french media conglomerate Vivendi successfully rebutted the fraud on the market presumption of reliance in a 10b-5 action  brought by Mario Gabelli’s GAMCO Investors, Inc.  and certain Gabelli mutual funds, and entered judgment on behalf of Vivendi in the action.  Judge Scheindlin acknowledged that rebuttal of the fraud on the market presumption is virtually impossible in all but the most extraordinary cases, but concluded that “this is just such an extraordinary case.”

Continue Reading Vivendi Wins Bench Trial Before Judge Scheindlin By Rebutting Fraud-on-Market Presumption