Sign in to comment!

Menu
Home

Northeast

Koch’s $12M counterfeit wine suit award cut to $711G

kocheee1.jpg

FILE 2008: A man displays a bottle of fake Champagne. (Reuters)

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.

According to the Daily News, a spokesman for Koch said the goal never was about money but to expose wine fraud.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.96% dw 3.98%  
15 Y Fixed Graph 3.07% dw 3.09%  
30 Y Fixed Jumbo Graph 4.17% dw 4.18%  
5/1 ARM Graph 3.20% dw 3.23%  
5/1 Jumbo ARM Graph 3.48% up 3.47%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.29%  
$50K HELOC Graph 3.98% up 3.96%  
$30K Loan Graph 4.99% -- 4.99%  
$50K Loan Graph 4.34% -- 4.34%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% dw 2.94%  
36 M Used Graph 3.47% dw 3.48%  
48 M New Graph 3.18% dw 3.22%  
48 M Used Graph 2.99% dw 3.05%  
60 M New Graph 3.19% dw 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% -- 0.39%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.55% -- 1.55%