IN RE VIVENDI, S.A. SECURITIES LITIGATION

Nos. 15-180-cv(L), 15-208-cv(XAP) August Term 2015.

838 F.3d 223 (2016)

IN RE VIVENDI, S.A. SECURITIES LITIGATION. Miami Group, consisting of the Retirement System for General Employees of the City of Miami Beach, Francois R. Gerard, Prigest S.A. and Tocqueville Finance S.A., Pearson-Doniger Family, consisting of two sisters and their respective family members Beatrice Doniger, Grandchildren's Trust by Bruce Doniger Trustee, Alison Doniger, Michael Doniger, Edward B. Brunswick and Ruth Pearson Trust Pearson Trustee, GAMCO Investors, Incorporated, Oppenheim Kapitalanlagegesellschaft mbH, Plaintiff KBC Asset Management N.V., Capitalia Asset Management SGR, S.p.A., Capitalia Investment Management S.A., Eurizon Capital SGR S.p.A., Baden-Wurttembergische Investmentgesellschaft mbH, Barclays Global Investors (Deutschland), Cominvest Asset Management GMBH, Deutsche Asset Management Investmentgesellschaft mbH, DWS (Austria) Investmentgesellschaft mbH, DWS Investment GmbH, Erste-Sparinvest Kapitalanlagegesellschaft m.b.H., Forsta AP-fonden, Fortis Investment Management SA, KBC Asset Management S.A., Landesbank Berlin Investment GmbH, LBBW Luxemburg S.A., Oppenheim Asset Management Services S.a.r.l., Pioneer Investment Management Limited, Pioneer Investment Management SGRPA, Pioneer Investments Austria GmbH, Pioneer Investments Kapitalanlagegesellschaft mbH, Raiffeisen Kapitalanlage-Gesellschaft m.b.H., SEB Investment Management AB, Skandia Insurance Company Ltd., Union Asset Management Holding AG, Universal-Investmentgesellschaft mbH, SEB Investment GmbH, Andra Ap-Fonden, Bayern-Invest Kapitalanlagegesellschaft mbH, Deka Investment GmbH, Prigest, S.A., Tocqueville Finance, S.A., Rosenbaum Partners, L.P., on behalf of themselves and all others similarly situated, Ruth Pearson Trust, Deka International (Ireland) Limited, Deka International S.A. Luxemburg, Deka Fundmaster Investmentgesellschaft mbH, Fideuram Investimenti S.G.R., Fideuram Gestions S.A., Interfund Sica V., Frankfurt-Trust Investment-Gesellschaft mbH, Frankfurt-Trust Invest Luxemburg AG, Helaba Invest Kapitalanlagegesellschaft mbH, HSBC Trinkaus & Burkhardt AG, Internationale Kapitalanlagegesellschaft mbH, Meag Munich Ergo Kapitalanlagegesellscfhaft mbH, Meag Munich Ergo Asset Management GmbH, Metzler Investment GmbH, Metzler Ireland LTD, Nordcon Investment Management AG, Norges Bank, Swiss Life Holding AG, Swiss Life Investment Management Holding AG, Swiss Life Asset Management AG, Swiss Life Funds AG, Swiss Life (Belgium) S.A., Swiss Life Asset Management GmbH, Swiss Life Asset Management (Nederlan) B.V., Tredje Ap-Fonden, Westlb Mellon Asset Management Kapitalanlagegesellschaft mbH, Alecta Pensionsforsakring, Omsesidigt, Sjunde Ap-Fonden, Varma Mutual Pension Insurance Company, Danske Invest Administration A/S, AFA Livforsakringsaktiebolag, AFA Trygghetsforsakringsaktiebolag, AFA Sjukforsakringsaktiebolag, AMF Pension Fondforvaltning AB, Arbetsmarknadsforsakringar, Pensionsforsakringsaktiebolag, Pensionskassernes Administration A/S, Arbejdsmarkedets Tillaegspension, Industriens Pensionssforikring A/S, Arca SGR, S.p.A., Ilmarinen Mutual Pension Insurance Company, Prima Societa' di Gestione del Risparmio S.p.A., Nordea Invest Fund Management A/S, Nordea Fonder AB, Nordea Investment Funds Company I.S.A., Nordea Fondene Norge AS, Nordea Fondbolag Finland AB, Swedbank Robur Fonder AB, Fjarde AP-Fonden, Olivier Chastan, Reed S. Clark, Daha Davis, Collen Dodi, Ruth Pearson Trust Pearson Trustee, Edward B. Brunswick, Michael Doniger, Alison Doniger, Grandchildren's Trust by Bruce Doniger Trustee, Bruce Doniger, Beatrice Doniger, Jeffrey Kurtz, Price Hal, W. Scott Polland, Jr., Nicholas A. Radosevich, Caisse de Depot et Placement du Quebec, AGF Asset Management, S.A., Irish Life Investment Managers Limited, Plaintiffs-Appellees, Bruce Doniger, Gerard Morel, Oliver M. Gerard, The Retirement System for General Employees of the City of Miami Beach, Plaintiffs-Appellees-Cross-Appellants, William Cavanagh, Cross-Appellant, v. Vivendi, S.A., Defendant-Appellant-Cross-Appellee, Jean-Marie Messier, Guillaume Hannezo, Vivendi Universal, Defendants.

United States Court of Appeals, Second Circuit.

Decided: September 27, 2016.


Attorney(s) appearing for the Case

JEFFREY A. LAMKEN , Molo Lamken LLP, Washington, D.C. ( Robert K. Kry , Lauren M. Weinstein , Molo, Lamken LLP, Washington, D.C.; Arthur N. Abbey , Stephen T. Rodd , Jeremy Nash , Abbey, Spanier, LLP, New York, N.Y.; Matthew Gluck , Michael C. Spencer , Milberg LLP, New York, N.Y.; Brian C. Kerr , Brower, Piven, P.C., New York, N.Y., on the brief), for Plaintiffs-Appellees-Cross-Appellants.

MIGUEL A. ESTRADA , Gibson, Dunn & Crutcher, LLP, ( Mark A. Perry , Lucas C. Townsend , Gibson, Dunn &, Crutcher LLP, Washington, D.C.; Caitlin J. Halligan , Gibson, Dunn & Crutcher LLP, New York, N.Y.; Daniel, Slifkin, Timothy G. Cameron, Cravath, Swaine & Moore, LLP, New York, N.Y.; James W. Quinn , Gregory Silbert , Weil, Gotshal & Manges LLP, New York, N.Y., on the, brief), for Defendant-Appellant-Cross-Appellee.

Before: CABRANES, LIVINGSTON, and LYNCH, Circuit Judges.


Prior to 1998, Compagnie Générale des Eaux was a French utilities company, best known for supplying water to households across France. By the close of 2000, that same company, now touting the name Vivendi Universal, S.A. ("Vivendi"), was a global media conglomerate with extensive dealings in...

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