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Article: Record $222.7 Million Awarded in Libel Case; Jury Sides With Bond Firm That Closed After Wall Street Journal Article
- Article from:
- The Washington Post
- Article date:
- March 21, 1997
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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In the largest libel award in American history, a Houston jury
yesterday ordered Dow Jones & Co. to pay $222.7 million to a bond
firm that shut its doors weeks after a damaging article published by
the Wall Street Journal.
After 12 hours of deliberation, the seven-person federal jury
awarded the former owners and employees of MMAR Group of Houston
$22.7 million in compensatory damages and $200 million in punitive
damages. The author of the 1993 article, Laura Jereski, was ordered
to pay $20,000.
"Obviously we're disappointed," said Jim George, the attorney
representing Dow Jones. "The punitive damages are completely
unfounded. I don't believe they can be supported as a matter of ...