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Thursday, October 30, 2014

U.S. judge tosses Paramount movie financing fraud case after trial, (NASDAQ: VIAB)

Paramount Pictures won the dismissal Thursday of a lawsuit by investors in a slate of mid-2000s movies including "Mean Girls" who said the studio concealed a risky business strategy in obtaining $40 million in financing. Following trial proceedings that began Oct. 21, U.S. District Judge Katherine Forrest in Manhattan ruled that the evidence failed to support the investors' claims and dismissed the case, a Paramount spokesman said.The ruling came after the investors, including a unit of Allianz SE, finished submitting evidence of Paramount's liability in the non-jury trial in the case, which had been pending since 2008."We are gratified by the decision," said Robert Lawson, a Paramount spokesman.The investors had been seeking $16 million to $24 million in damages from Paramount, which is owned by Viacom Inc, said James Janowitz, a lawyer for the investors.

Viacom Inc. (Viacom) is an entertainment content company that connects with audiences in over 160 countries and territories and creates compelling television programs, motion pictures, short-form video, applications (apps), games, consumer products, social media and other entertainment content. Shares of VIAB fell by 0.38% or $-0.28/share to $72.72. In the past year, the shares have traded as low as $65.86 and as high as $89.76. On average, 2746830 shares of VIAB exchange hands on a given day and today's volume is recorded at 3203117.