The Wall Street Journal reported on April 13, 2013, that U.S. billionaire William Koch was awarded $12 million by a federal jury in New York on Friday.
The jury awarded the money over the alleged misrepresentation of 24 bottles of wine Kuch had bought at an auction in 2005.
The 72-year-old Koch said that the proceeds will be used to establish a fund to tackle auction and wine fraud in the future.
Koch who is the founder of Oxbow Group energy company accused businessman Eric Greenberg of selling him 25 counterfeit bottles of wine at a Zachys auction in 2005.
Koch said after the jury decided on the damages in Manhattan, “There’s been a huge code of silence in this industry. My purpose is to shine a bright light on it.”
Koch had sued Greenberg in 2007 of fraud and misrepresentation and seeking $320,000, the amount he had paid for the 24 bottles of wine.
Greenberg reportedly told in the court, "I'm very sorry I had counterfeit wine, it's a horrible thing. Both of us have lost millions of dollars."
After the verdict, Koch and his lawyer walked out of the court smilingly with a wine bottle in their hands.
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