A judge in the Southern District of New York recently approved a $95 million settlement reached between class action plaintiffs and Grupo Televisa SAB, a Mexico-based telecommunications conglomerate that broadcasted Federation Internationale de Football Association (“FIFA”) soccer tournaments. The settlement resolves a consolidated class action lawsuit related to Televisa’s alleged role in a scheme to bribe FIFA officials for rights to broadcast certain World Cup tournaments. The case was filed in 2018 by a class of investors who purchased Televisa American Depositary Receipts (“ADRs”), and who alleged that as a result of the bribery scheme the value of the ADRs dropped and the investors suffered significant losses.
The judge also awarded plaintiffs’ more than $28 million in attorneys’ fees and costs. Televisa maintains that the allegations of the case are without merit and released a statement indicating that it settled to put an end to the “distraction, expense and risk of continued litigation.”