A civil court in Mexico entered a preliminary $2.7 billion judgment against Yahoo Inc for breach of contract involving a yellow pages listings service, Yahoo said on Friday.<\/p>\n
Yahoo said that it believes the claims are without merit and that it will vigorously pursue all appeals.<\/p>\n
Shares of Yahoo were off 1.7 percent at $18.45 in afterhours trading on Friday.<\/p>\n
The lawsuit was brought by Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V. against Yahoo and Yahoo de Mexico, Yahoo said.<\/p>\n
“The plaintiffs alleged claims of breach of contract, breach of promise, and lost profits arising from contracts related to a yellow pages listings service,” Yahoo said in a statement on Friday.<\/p>\n
Yahoo said the ruling was a “non-final judgment” by the 49th Civil Court of the Federal District of Mexico City.<\/p>\n
It was not immediately clear when the lawsuit was filed against Yahoo. Yahoo’s most recent 10Q filing, which lists major ongoing litigation, makes no mention of the lawsuit.<\/p>\n
Worldwide Directories and Ideas Interactivas could not immediately be reached for comment. Documents from local courts in Mexico are not available for public consultation.<\/p>\n
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