Vivendi Universal sues Diller

Posted | Contributed by Jeff

After negotiating for months to unwind Diller's $2 billion stake in VUE, Vivendi said Wednesday that it has sued USANi Sub, a subsidiary of Diller's InterActiveCorp. Paris-based Vivendi is asking a Delaware court to nullify certain "covenants" of its partnership with Diller in exchange for letters of credit, backed by U.S. Treasury securities, to protect him from any decline in VUE's value.

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