Ouch! Yahoo ordered to pay $2.7B in Mexican lawsuit
The suit, brought by Worldwide Directories S.A. de C.V. and Ideas Interactivas, S.A. de C.V., accused Yahoo of breach of contract related to a yellow-pages listing service.
Details are pretty scarce about the initial complaint. Yahoo's press release noted that Worldwide Directories S.A. de C.V. and Ideas Interactivas, S.A. de C.V. claimed breach of contract, breach of promise, and lost profits arising from contracts related to a yellow pages listings service.
Yahoo, meanwhile, said it believes the claims are without merit. It plans to vigorously pursue all appeals.
We've reached out to Yahoo and will update when we hear back.
The judgment amount -- $2.7 billion -- is a pretty big chunk of change for Yahoo. In the company's, it only generated $1.2 billion in revenue.
Yahoo shares slid 1.5 percent to $18.49 in after-hours trading.