Billionaire vs. Mogul: Defamation Battle in the Bahamas

Hedge fund billionaire Louis Bacon has won a defamation lawsuit against former fashion mogul Peter Nygard. The case centered on Nygard's baseless claims that included accusations of murder and narcotics trafficking, which emerged from a dispute over their neighboring properties in the Bahamas.

Billionaire hedge fund manager Louis Bacon has emerged victorious in his defamation lawsuit against former fashion mogul Peter Nygard. The long-standing legal battle was sparked by Nygard's unsubstantiated claims that included accusations of murder and narcotics trafficking, part of a wider rivalry over their adjacent properties in the Bahamas.

Justice Richard Latin in Manhattan ruled that Nygard admitted to having no evidence supporting his allegations against Bacon, including outlandish accusations of murder and drug trafficking. Despite the ruling, Nygard's attorney Peter Sverd announced plans to appeal, maintaining their fight.

Bacon filed the lawsuit in 2015, accusing Nygard of orchestrating a malicious smear campaign to connect him to various criminal acts. Meanwhile, Nygard, currently serving an 11-year sentence in Canada for sexual assault, was found guilty on additional charges by a Toronto jury in 2023.

(With inputs from agencies.)