Investor's $38M 'Next Madoff' Defamation Award Upheld

Law360, New York (April 28, 2016, 5:57 PM EDT) -- A Nevada federal judge on Wednesday upheld a $38 million jury verdict in favor of a Los Angeles real estate investor against a pair of former tenants and their company who created websites calling him "the next [Bernie] Madoff," saying the award was supported by evidence and wasn't excessive.

U.S. District Judge James C. Mahan said in his order there was ample evidence that the investor, Cohen Asset Management Inc. owner Bradley Stephen Cohen, had suffered harm as a result of the defamation.

"Neither the defendants...
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