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| Billionaire William Koch wins $12m in courtroom wine fraud battle | Billionaire William Koch wins $12m in courtroom wine fraud battle |
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| A jury has awarded the Florida billionaire Bill Koch $12m in his long-running dispute over phony vintage wine. Vowing to do more to expose wine frauds, Koch proclaimed the court win on Friday to be his happiest day since winning the America's Cup in 1992. | A jury has awarded the Florida billionaire Bill Koch $12m in his long-running dispute over phony vintage wine. Vowing to do more to expose wine frauds, Koch proclaimed the court win on Friday to be his happiest day since winning the America's Cup in 1992. |
| "Out of sight. Over the moon," he said as he described his feelings after emerging, giggling with glee, from a courtroom in US District Court in Manhattan. "We weren't even expecting any damages and we got $12m. Unbelievable." | "Out of sight. Over the moon," he said as he described his feelings after emerging, giggling with glee, from a courtroom in US District Court in Manhattan. "We weren't even expecting any damages and we got $12m. Unbelievable." |
| The verdict went against the businessman Eric Greenberg, who insisted that he had not intentionally sold a fake bottle of wine in auctions that generated about $42m for him over an eight-year period. The trial involved alleged that counterfeit bottles of Bordeaux were labeled as if they were made from 1864 to 1950. In a statement, Greenberg called the verdict "a disappointment because I believed all the consigned wine to be authentic". Outside court, Greenberg declined to comment further. | The verdict went against the businessman Eric Greenberg, who insisted that he had not intentionally sold a fake bottle of wine in auctions that generated about $42m for him over an eight-year period. The trial involved alleged that counterfeit bottles of Bordeaux were labeled as if they were made from 1864 to 1950. In a statement, Greenberg called the verdict "a disappointment because I believed all the consigned wine to be authentic". Outside court, Greenberg declined to comment further. |
| Koch's lawyer, John Hueston, suggested that a criminal investigation of Greenberg was underway, saying: "We're co-operating with the FBI." He declined to elaborate. | Koch's lawyer, John Hueston, suggested that a criminal investigation of Greenberg was underway, saying: "We're co-operating with the FBI." He declined to elaborate. |
| In a chilly drizzle outside court, the 72-year-old Koch celebrated with his lawyers, posed for pictures and met briefly with at least one of the eight jurors who decided on Thursday that Koch had been defrauded, awarding him $380,000 in compensatory damages. | In a chilly drizzle outside court, the 72-year-old Koch celebrated with his lawyers, posed for pictures and met briefly with at least one of the eight jurors who decided on Thursday that Koch had been defrauded, awarding him $380,000 in compensatory damages. |
| Jurors returned Friday to hear Koch and Greenberg testify again and deliberate over punitive damages. "I'm very sorry I had counterfeit wine," Greenberg told them. "It's a horrible thing. Both of us have lost millions of dollars." The verdict was another blow to Greenberg, a former billionaire who built two internet consulting companies before the 2000 collapse of those stocks reportedly reduced his net worth by as much as 90%. | Jurors returned Friday to hear Koch and Greenberg testify again and deliberate over punitive damages. "I'm very sorry I had counterfeit wine," Greenberg told them. "It's a horrible thing. Both of us have lost millions of dollars." The verdict was another blow to Greenberg, a former billionaire who built two internet consulting companies before the 2000 collapse of those stocks reportedly reduced his net worth by as much as 90%. |
| Koch said he planned to use the $12m to continue his crusade to clean up the wine auction industry, including by creating a website that highlights fake wines and who sells them. He said he would include in the list the 421 bottles he had identified in his own collection as fake after buying them for $4.4m. | Koch said he planned to use the $12m to continue his crusade to clean up the wine auction industry, including by creating a website that highlights fake wines and who sells them. He said he would include in the list the 421 bottles he had identified in his own collection as fake after buying them for $4.4m. |
| "I'm sad at the amount of fakes," he said. "That's why I stopped buying very old wines." | "I'm sad at the amount of fakes," he said. "That's why I stopped buying very old wines." |
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