In re Vivendi Universal, S.A. Securities Litigation
This Memorandum Opinion and Order addresses defendants' motion for partial summary judgment concerning plaintiffs' standing in a securities litigation against Vivendi Universal S.A., Jean-Marie Messier, and Guillaume Hannezo. The central issue is whether various investment management companies, suing on behalf of investment funds and their investors, possess constitutional standing under the "Huff exception." The court examines the legal structures of numerous foreign investment vehicles from Germany, Luxembourg, France, Belgium, Sweden, Austria, and Denmark. It concludes that most management companies for German, Luxembourgian FCPs, French FCPs, Belgian FCPs, Swedish, and Austrian funds satisfy the Huff exception, denying summary judgment against them. However, the court grants summary judgment against Danish investment companies, finding their relationship with the Associations does not meet the exception's requirements. The opinion also rules that post-filing assignments or substitutions under Rule 17 FRCP can cure standing defects, allowing plaintiffs time to amend their complaints.