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See the best of Reuters photography. See more | Photo caption Congo's rebels Government forces re-established control over Goma after the M23 rebels withdrew. Slideshow The pregnant princess Kate Middleton has revealed she is expecting. Slideshow Sponsored Links Yahoo sees several flaws in $2.7 billion Mexico ruling: source Tweet Share this Email Print Related News Yahoo sees several flaws in $2.7 billion Mexico ruling: source Mon, Dec 3 2012 Analysis & Opinion Defense firm vows to put an end to new wave of say-on-pay suits How Argentina lost game of chicken with renegade bondholders Related Topics Tech » Media » Mexico » The headquarters of Yahoo Inc. is shown in Sunnyvale, California May 5, 2008. Credit: Reuters/Robert Galbraith By Alexei Oreskovic SAN FRANCISCO | Mon Dec 3, 2012 9:45pm EST SAN FRANCISCO (Reuters) - Yahoo Inc believes it has "numerous" grounds to appeal a Mexico City civil court's $2.7 billion preliminary judgment against the company, including both errors in procedure and in application of law, a person familiar with the matter told Reuters on Monday. The ruling in the case, which involves allegations of breach of contract related to an online yellow pages listings service, was made by the 49th Civil Court of the Federal District of Mexico City, Yahoo said on Friday. The case has perplexed many investors and tech-industry observers since Yahoo disclosed it, particularly given the large value of the "non-final" judgment. The lawsuit was brought by Worldwide Directories S.A. de C.V. and Ideas Interactivas S.A. de C.V. against Yahoo and Yahoo de Mexico, Yahoo said. The companies could not be reached for comment, although Carlos Bazan-Canabal, who describes himself as a founder of Worldwide Directories, told Reuters via email that he had contracted a U.S.-based law firm to handle the Yahoo case. He declined to comment further on the matter. Bazan-Canabal operates a number of web sites. He said on one that he joined Yahoo in 1999, adding that he is a former executive of Yahoo Mexico, and that he helped to launch that company. Yahoo could not immediately be reached for comment on this. The details of the suit remained unclear on Monday. Documents from local courts in Mexico are not available for public consultation. Yahoo declined to comment. Yahoo signed a commercial relationship with the two companies in 2002, the person familiar with the matter said. Yahoo terminated the relationship with the companies in 2009, the person said. Yahoo's appeal is expected to be heard by a panel of three judges in a superior court in Mexico City, the person said who was not authorized to speak publicly on the matter. It was not clear when Yahoo might file its appeal. Yahoo's most recent 10Q filing, which lists major ongoing legal proceedings, makes no mention of the lawsuit. "We believe the $2.7 billion figure appears high based on the seemingly small size of Yahoo's business in Mexico, but we believe shares could trade off modestly on the news," wrote JP Morgan analyst Doug Anmuth in a note to investors following Friday's announcement. "It's not clear how the Mexican court arrived at the $2.7 billion figure, but it would represent 40 percent of our projected 2012 year-end cash balance for Yahoo," and equate to about $2.30 per share, he wrote. Shares of Yahoo closed Monday's regular session down 1.2 percent, or 22 cents, at $18.55. (Additional reporting by Dave Graham in Mexico City and Sarah McBride in San Francisco; Editing by Bernard Orr) Tech Media Mexico Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) hogsmile wrote: Edition: U.S. Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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