Mexico court rules against Yahoo for $2.7 billion www.privateofficer.com
Sunnyvale CA Dec 4 2012 A nine-year-old Mexican deal may bite Yahoo for $2.7 billion in the wake of a court ruling in that country.
The Sunnyvale tech giant said it believes the ruling is without merit and promises vigorous appeals.
But if it’s unsuccessful it could put a major dent in CEO Marissa Mayer’s war chest as she tries to rebuild Yahoo. The judgment is more than double the $1.2 billion in revenue the company posted in its most recent quarter.
The dispute apparently centers around a deal done in 2003 between Yahoo de Mexico and Ideas Interactivas in which the plan was to print a Yellow Pages type listing of business telephone numbers in Mexico.
Yahoo said it was sued for breach of contract, breach of promise and lost profits by the Mexican company.