Peter Nygard ordered to pay billionaire neighbor $203 million in damages after driveway feud escalated to accusations of arson and Ku Klux Klan links
A hedge fund billionaire has been awarded $203 million after a New York court ruled he was defamed by his former Bahamas neighbor Peter Nygard following a decade-long feud ignited by a shared driveway. , was ordered by a New York court-appointed judge to pay the biggest defamation settlement in the state's history to Moore Capital Management founder Louis Bacon after peddling several wild allegations.
Bacon complained that Nygard, who used a driveway owned by Bacon, held several disruptive parties at his residence, while Nygard accused Bacon of scuppering his redevelopment plans after a fire,This gradually escalated into increasingly vicious attacks by Canadian fashion mogul Nygard, with Bacon's lawyers saying he personally spent $15 million on a smear campaign against Bacon.
According to the FT, Judge former U.S. District Judge Layn Phillips said the"overwhelming" and"truly stunning" nature of the evidence brought forward warranted the record sum.
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