Yahoo! triumphs! in! $2.75bn! Mexican! standoff!
Mighty award against it abruptly slashed to $172,500
Yahoo! has said that a Mexican appeals court threw out a $2.75bn ruling against it and Yahoo! Mexico over contracts in the country.
Worldwide Directories and Ideas Interactivas won the "non-final judgement" at the end of last year after alleging breach of contract, breach of promise and lost profits from a deal on a yellow pages listings service.
But the Superior Court of Justice reversed all monetary awards against Yahoo! and reduced the award against Yahoo! Mexico to $172,500. The original win would have wiped out up to a massive 40 per cent of the drain-circling web firm's 2012 cash balance.
Yahoo! didn't say why the court overturned the win, but sources had previously said there were errors in court procedures and in the application of the law that the company could use.
It may not be over yet though, as the Mexican firms can still appeal the Superior Court's decision. ®