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It stems from the purchase of 24 bottles of wine at a sale conducted by Zachys Wine Auctions in October 2005.
FORBES: Servant Disses Ex-Boss In Billionaire Wine Fraud Trial
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The controversy revolves around 24 bottles of wine that Koch bought at a sale conducted by Zachys Wine Auctions in October 2005.
FORBES: In Billionaire's Legal Crusade Against Counterfeit Wine, Money Is The Least Of It
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Zachys was originally named in the lawsuit, but after Koch settled with them, the case against them was dismissed in January 2011.
FORBES: Servant Disses Ex-Boss In Billionaire Wine Fraud Trial
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Koch brought the suit against another avid wine collector: onetime-billionaire Eric Greenberg, who was the consignor of all the wine in the Zachys sale.
FORBES: Bill Koch's Bad Trip With Counterfeit Wine Is Cautionary Tale For Collectors
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Despite the glitches, the sale had as many as 120 Internet buyers at one time the auction house's highest number to date said Michael Jessen, Zachys's auction director.
WSJ: A Guide to Bidding in Online Wine Auctions | On Wine by Lettie Teague
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For three years he worked for Zachys, the Scarsdale, N.
WSJ: Grand Cru Wine Consulting, Behind Some of the Finest Cellars | On Wine by Jay McInerney
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Zachys had set aside the lots in advance.
WSJ: Grand Cru Wine Consulting, Behind Some of the Finest Cellars | On Wine by Jay McInerney
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It turned out that Zachys, a wine merchant and auction house, was holding a live auction in New York with a simultaneous audio and video feed for its online bidders (something many other auction houses do as well.) The day I logged in, only the audio was working.
WSJ: A Guide to Bidding in Online Wine Auctions | On Wine by Lettie Teague
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During the first phase of the trial, the eight jurors heard more than 40 hours of evidence during the course of two weeks, then reached a unanimous verdict in less than three hours that Greenberg committed fraud when he consigned 24 bottles of counterfeit wine to Zachys Wine Auctions for sale in October 2005.
FORBES: $12 Million Punitive Damages Award For Bill Koch Will Prolong His Wine Fraud Case