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Report: Plaintiff Willing To Settle Mexican Lawsuit Against Yahoo
The plaintiff that recently won a $2.7 billion judgment against Yahoo in a Mexican lawsuit is willing to settle the case for less money.
Carlos Bazan-Canabal tells Reuters that Ideas Interactivas and its holding company, Worldwide Directories, are willing to listen if Yahoo wants to settle the case.
“If we can reach a settlement with an interesting number, we would go for it.”
The lawsuit came to light last week when Yahoo announced its plan to appeal what would be a significant financial hit.
The Reuters article also sheds more light on the issues that initially led to the breach of contract lawsuit.
Bazan-Canabal said the dispute centered on agreements signed between Yahoo Mexico and Ideas Interactivas between 2002 and 2004 over a business venture for an online business search function “Yahoo! Paginas Utiles” as well as printed volumes.
After initial success with the project, the two sides agreed to extend the model to other parts of the world including Puerto Rico, Central America, Australia and Japan, but Yahoo later broke the deal unilaterally, Bazan-Canabal said.
The joint agreement had been due to last until 2009, with options to extend it further, he added. Breaking the deal caused Ideas Interactivas to go bankrupt, Bazan-Canabal said.
Aside from last week’s statement, Yahoo hasn’t issued any official comments on the case. We’ve reached out for reaction to the Reuters article and will update this article if we hear more from Yahoo.