Disgraced Canadian fashion mogul Peter Nygard must pay $203 million to billionaire hedge fund manager Louis Bacon following a bitter, years-long defamation case which has concluded in New York.
Nygard, 81, was ordered to make the record payment after 'an all out effort... to destroy Bacon' which included false claims he was a KKK member who was guilty of insider trading, a ruling said.
He spent a staggering $15 million to spread the highly damaging claims about Bacon 'out of hatred, ill-will, spite, and malice', wrote Layn Phillips, the supreme court-appointed special referee in the case.
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