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December 3, 2012

Mexican court orders Yahoo to pay $2.7bn over contract breach

Yahoo said it believes that the plaintiffs' claims are without merit and will vigorously pursue all appeals

By CBR Staff Writer

A Mexican court has ordered search engine Yahoo to pay $2.7bn to Worldwide Directories and Ideas Interactivas, over allegations of breach of contract with it partners in yellow-pages listings service.

The ruling was made by the 49th civil court of the federal district of Mexico City.

Worldwide Directories and Ideas Interactivas had accused Yahoo and its subsidiary Yahoo de Mexico SA of breach of contract, breach of promise and lost profits related to yellow-pages listings service.

Yahoo said it believes that the plaintiffs’ claims are without merit and will vigorously pursue all appeals.

In 2003, Yahoo de Mexico signed an agreement with Ideas Interactivas to bring out ”Yahoo! Paginas Utiles – a directory which features information on local businesses and discounts as well as offers.

Initially, the deal required both the companies to bring out 800,000 free copies and 1.7 million copies in the later stages, but Ideas Interactivas allege that Yahoo did not take the deal seriously.

For the third quarter of 2012, Yahoo reported a revenue of $1.09bn, up slightly on the $1.07bn recorded during the same period last year.

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In July this year, Yahoo had named Google executive Marissa Mayer as its new president and CEO.

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