NEW RECORD

Disgraced Fashion Tycoon Ordered to Pay $203M for Defaming Billionaire Neighbor

A judge found that Nygard, who is facing sex trafficking allegations, behaved “out of hatred, ill-will, spite, and malice.”

Things are somehow getting worse for the disgraced fashion tycoon Peter Nygard, even as he sits in a Canadian jail awaiting trial over alleged sex crimes. A judge in New York found that he must pay more than $203 million to his former neighbor in the Bahamas, hedge fund billionaire Louis Bacon, for defamation. Nygard spread nasty rumors about Bacon, the judge found, including that he was a member of the KKK. According to The Financial Times, the judgment is the largest in the history of New York in a defamation case, though it’s questionable whether Nygard has nearly enough money to cover the damages. The decision can also be appealed.