Avesco falls after Disney appeals ruling
Corporate services provider Avesco saw its shares slide after the Walt Disney company said it would keep fighting a case over hidden profits.
Corporate services provider Avesco saw its shares slide after the Walt Disney company said it would keep fighting a case over hidden profits.
Avesco is waiting to see if it will finally profit from a multi-million pound case again Disney, brought by British production company Celador.
Celador, the company behind 'Who Wants to Be a Millionaire?', has been awarded $319m by US Federal Courts over claims that Disney used creative accounting to hide the success of its show in the US.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Avesco said that if the fine is paid in full, the group's interest in the award - after costs but including pre-judgement interest - is estimated at around $60m.
In December a court upheld the ruling for the second time, however, Disney has now filed a petition to seek leave for a re-hearing 'en banc' with the Ninth Circuit court.
The filing of the petition is the next stage in the appeal process and stays the enforcement of the judgement until the appeal process is complete.
Celador has now been fighting the case since 2004.
Avesco shares were down 5% at 1415.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
‘I installed a heat pump in my home – here are five things I’ve learnt’
From the size and noise of a heat pump to how much it costs to run one, Ruth Emery reveals what she’s learnt after installing one in her home six months ago
-
3 ways to work out if a stock is good value
The only thing you can really control in investing is the price you pay for an asset – but how can you tell if you’re getting a good deal when it comes to the price of a stock?