No sooner does France announce that it may permit class actions than the first securities class action appears. Reuters reports that a French lawyer has launched a class action against Vivendi Universal on behalf of small shareholders. The company already faces a similar suit in the U.S.
Quote of note: “‘Until now, no one has had the courage to do this’ in France, Canoy told Reuters. ‘But why can the Americans do certain things and not the French?'”
The 10b-5 Daily 