Koch settles suits with Zachys, Chicago Wine Company
Koch settles suits with Zachys, Chicago Wine Company
Jan 27, 2011 6
Billionaire collector Bill Koch has settled his lawsuits with Zachys Wine Auctions, and the Chicago Wine Company, out of court. Zachys and Chicago Wine Company have agreed to amend the ‘disclaimer’ language in their auction catalogues.
Zachys said in a statement, ‘We are committed to preventing the sale or auction of counterfeit wine. Furthermore, we support Bill Koch’s extensive efforts to rid the fine-wine market of counterfeiters.’
The terms of the agreements have not been published.
Koch filed the lawsuit against Zachys in 2007, asserting that in a 2005 Zachys auction he spent US$370,000 for what he thought were rare Bordeaux wines, but he later found that some bottles were fake.
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