Yahoo! Inc. (YHOO) on Thursday said the Superior Court of Justice in Mexico reversed a $2.75 billion verdict by a lower court against the tech giant and Yahoo! Mexico.
The appellate decision overturned all monetary awards against Yahoo! Inc. and reduced the monetary award against Yahoo! Mexico to $172,500. Yahoo! Mexico was awarded $2.6 million in the original judgment, and this award was upheld by the appellate.
In November last year, a Mexican federal court ordered Yahoo to pay $2.7 billion to settle a lawsuit over a failed Yellow Pages listing service. However, the hefty penalty was disputed in the tech industry.
The plaintiffs, the Mexican firms Worldwide Directories S.A. de C.V. and Ideas Interactivas, S.A. de C.V., had alleged breach of contract, breach of promise, and lost profit arising from contracts related to a yellow pages listing service.
Following the verdict, Yahoo! Mexico appealed the judgment with the Superior Court of Justice for the Federal District on December 12, 2012.
YHOO closed Thursday's trading at $26.58, down $0.76 or 2.78%, on the Nasdaq. The stock gained $0.18 or 0.68% in after-hours trade.
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