The self-made fashion magnate, who is accused of decades of criminal behavior including sex trafficking and racketeering, had a personal fortune of $490 million in 2002.
He reportedly amassed a personal fortune of $490 million in 2002 — a figure that he did not challenge in an interview with WWD at that time. The ever-bronzed Nygård also developed a $250 million business in Canada and a $250 million business in the U.S. about 20 years ago, in addition to 200 freestanding stores. The way he saw it, “In this world, you have to learn three things. You have to learn how to make money and I’ve learned that.
The court decision in the Bacon case highlighted how the defamation included false claims that “Bacon was a member of the Ku Klux Klan and believer in white supremacy; that as a financial services provider, he was guilty of insider trading; that he was implicated in the death of an employee and family friend at his Bahamas property, and that he was implicated in arson.
Nygård “disseminated hundreds of false statements about Mr. Bacon through every medium imaginable including the internet, YouTube videos, radio, newspapers, pamphlets, social media, marches and demonstrations and email lists. His campaign was completely unprecedented in its length, the number and horrific nature of the statements, the amount of time, the geographic scope and, most importantly, Mr. Nygård’s explicit and unequivocal intent to destroy Mr. Bacon.
In response to the court ruling, Bacon said in a statement: “With this verdict, Mr. Bacon is vindicated from the vicious lies and disgusting smear campaign against him, and Mr. Nygård has finally been held accountable for at least some of his actions. It is well documented that Mr. Nygård is a serial abuser of the law and of the environment and further accountability awaits Mr.
It read in closing: “We are grateful to the court for holding Mr. Nygård accountable for his campaign of malevolent lies and demonstrating through a historic damages award of $203 million that the truth matters.”
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