Vivendi is still recovering from ousted CEO Messier's buying spree

Mr Messier - and the company itself, which paid a $50m civil penalty - were being investigated by the Securities and Exchange Commission.

The SEC's French equivalent is still looking into possible breaches of its own rules.

But Mr Messier and his old company are now off the hook in the US.

Payoff

Mr Messier has been trying to get a 21m euro ($26m; �15m) severance package out of his former employer, despite protests from shareholders that it would amount to a payment for failure.

The resolution of the SEC proceeding represents a personal sacrifice for me Jean-Marie Messier, former Vivendi CEO

As part of the settlement with the SEC, he will give up his claim on the money.

He will also pay a $1m penalty and agree not to work as a director of a public company for a decade.

"The resolution of the SEC proceeding represents a personal sacrifice for me, but it is a considerable consolation that the funds will be used to benefit Vivendi shareholders," Mr Messier said in a statement.

Another executive, former Chief Financial Office Guillaume Hannezo also settled with the SEC for a $270,000 penalty.

None of the parties have had to admit or deny the allegations, as is usual with SEC settlements.

Recovery

Vivendi itself has been trying to rebuild since it sank deep into debt as a result of Mr Messier's acquisitive strategy.

It has sold off key holdings including Universal, its prized US film and music units.