On January 29, 2010, the three month long securities fraud trial against Vivendi Universal, S.A., ("Vivendi"), in which Abbey Spanier Rodd & Abrams, LLP served as Lead Counsel, culminated with a jury verdict finding Vivendi liable for securities fraud on fifty-seven material misstatements concerning Vivendi's liquidity and overall performance. The class consists of all persons from the United States, France, England and the Netherlands who purchased or otherwise acquired ordinary shares or American Depository Shares (ADS's) of Vivendi during the period between October 30, 2000, and August 14, 2002. See Class Notice at www.vivendiclassaction.com.

Plaintiffs' counsel estimates that the verdict will entitle investors to recover as much as $9.3 billion, or €6.6 billion.

On March 4, 2010, Vivendi argued before judges in a Paris appeals court that French investors should not be permitted to claim damages from the jury verdict because they have remedies available in their home country. Since many class members are located in France, Vivendi wanted to exclude this group in order to reduce the damages that are now owed by the Company as a result of the U.S. verdict.

On April 28, 2010, Vivendi lost its appeal. In a 11-page decision from the Paris appeals court, Judge Jean-Claude Magendie determined that French investors can remain in the U.S. class action and that there are "significant links existing" between Vivendi, French investors, and the United States, including the fact that Vivendi registered shares on the New York Stock Exchange and that its top executives, Jean-Marie Messier and Guillaume Hannezo, moved to New York and issued Vivendi press releases from New York. It was therefore appropriate that French plaintiffs and class members choose the U.S. court to seek redress. Judge Magendie also noted that a U.S. judgment for damages against Vivendi might never be reviewed by French courts, since Vivendi has substantial assets in the U.S. against which the judgment could be executed.