Media-to-telecoms conglomerate Vivendi SA (VIV.FR) said Wednesday the decision of a judge in a U.S.-filed lawsuit, that all the shareholders who bought shares of the company outside the U.S. cannot sue Vivendi, will reduce potential damages to the firm by 80%.

U.S. District Judge Richard Holwell said only shareholders who had bought the shares of Vivendi in the U.S. could take part of a class-action against the French company.

As a result of that decision, Vivendi said it will reduce significantly the provisions established for the lawsuit.

"We are very satisfied with today's decision", Vivendi's Chief Executive Jean-Bernard Levy said. "It is a substantial victory for Vivendi," he added.

In January 2010, a federal jury in Manhattan found Vivendi was liable for 57 misstatements about its financial condition in 2001 and in 2002 and that it acted recklessly in connection with those statements.

The U.S. jury also cleared Vivendi's former CEO Jean-Marie Messier and Guillaume Hannezo, its former chief financial officer, of any liability.

At 0804 GMT, shares in Vivendi were up 0.4% at EUR20.32, while the CAC-40 was down 0.2%.

-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com