A Mexican court walloped Yahoo with a huge judgment today, ordering it to pay $2.7 billion to a couple companies accusing it of breaching contract related to a yellow pages listings service.
Details are pretty scarce about the initial complaint. Yahoo's press released 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 the company 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 most recently reported quarter, it only generated $1.2 billion in revenue.
Yahoo shares slid 1.5% to $18.49 in after-hours trading.
Ouch! Yahoo ordered to pay $2.7B in Mexican lawsuit
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Ouch! Yahoo ordered to pay $2.7B in Mexican lawsuit
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Ouch! Yahoo ordered to pay $2.7B in Mexican lawsuit
