Billionaire Koch Wins $12 Million Verdict in Wine Trial
By Patricia Hurtado - Apr 13, 2013 12:01 AM ET
Billionaire collector William Koch, after waging a $17 million legal battle over 24 bottles of counterfeit Bordeaux, was awarded $12 million in punitive damages by jurors, some of whom shook his hand after court.
The federal jury in Manhattan found against the consignor, Eric Greenberg, concluding he made fraudulent representations about the authenticity and provenance of the wine, including claiming that many purported grand crus, with one dating back to 1864. On April 11, the panel found Greenberg fraudulently sold wines he knew were counterfeit and awarded Koch $379,000 in compensatory damages.
The jury, in its verdict yesterday, concluded Greenberg exhibited “criminal indifference” in the 2005 wine sale. U.S. District Judge J. Paul Oetken said during his instructions to the jury that the award was designed to “punish the defendant for wanton, malicious or reckless acts.”
“I feel outta sight, over the moon,” Koch, accompanied by his lawyer John Hueston, said after court. “We weren’t expecting damages and we got $12 million, so it’s unbelievable.”
more:
http://www.bloomberg.com/news/2013-04-12/billionaire-koch-wins-12-million-verdict-in-wine-trial.html
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