A federal judge in Manhattan has cut the $12 million awarded to Florida billionaire William Koch (KOHK) in a counterfeit wine lawsuit to less than $1 million.
A federal judge in Manhattan has cut the $12 million awarded to Florida billionaire William Koch in a counterfeit wine lawsuit to less than $1 million.
The judge described as “exorbitant” the punitive damages a jury awarded Koch against California businessman Eric Greenberg last year. He reduced the damages to $711,600.
The judge ruled Monday that the “the flagrancy of Greenberg’s fraud” merited some award. But he said the “harm was economic in nature and none of its targets … were financially vulnerable.”
Koch accused Greenberg of knowingly selling him more than 24 bottles of fake Bordeaux at auction. Greenberg maintained he believed the wines were authentic.
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According to the Daily News, a spokesman for Koch said the goal never was about money but to expose wine fraud.
Information from: Daily News, http://www.nydailynews.com