He Televisa Group SAB reached a $95 million settlement to settle a lawsuit by a US investor who accuses the Mexican broadcaster of bribing FIFA soccer officials to win the rights to four World Cup tournaments.
The preliminary cash settlement with the holders of Televisa’s American depository receipts (ADRs) was filed Tuesday night in Manhattan federal court and requires a judge’s approval.
Televisa was accused of artificially inflating the price of its ADR by hiding how it planned to obtain the rights to the World Cup for 2018, 2022, 2026 and 2030 through bribery, while publicly touting its commitment to ethical business practices. FIFA is the governing body of world soccer.
Investors said they suffered losses when bribery broke during corruption trials in Brooklyn, New York, causing the ADR price to fall.
Televisa He denied wrongdoing in agreeing to settle. He did not immediately respond to requests for comment Wednesday.
The lead plaintiff is Palm Tran Inc Amalgamated Transit Union Local 1577 Pension Plan of Atlanta.
The US attorney’s office in Brooklyn released its investigation into corruption in international soccer in 2015. More than 40 people have been criminally charged and at least 31 have pleaded guilty.
Three defendants, 21st Century Fox executives Hernán López and Carlos Martínez and Argentine sports marketing company Full Play Group SA, are on trial in Brooklyn.
Two other defendants, former Brazilian soccer leader José María Marín and former CONMEBOL leader Juan Angel Napout of Paraguay, were convicted at trial in 2017.
Source: Reuters
Source: Gestion
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