Magazine article The Quill

Book Destroyed after Libel Suit Threat

Magazine article The Quill

Book Destroyed after Libel Suit Threat

Article excerpt

Publisher HarperCollins has taken the rare step of destroying its inventory of a new book, fearing a potential libel suit.

James A. Fox, vice president and general counsel of HarperCollins, conceded in a letter to James J. Cramer's lawyer that three pages of the book, "Trading With the Enemy," by Nicholas W Maier, contained false assertions that Cramer had traded on inside information about Western Digital Corp. Cramer is a journalist and former hedge fund manager.

A spokeswoman for HarperCollins said the company would destroy the roughly 4,000 copies of "Trading With the Enemy" that it has in stock, The New York Times reported.

HarperCollins shipped 10,000 copies of the book beginning in the middle of February. The company will send an errata notice to bookstores and reviewers correcting the text and will reprint new copies without the erroneous pages.

However, the spokesman said that HarperCollins, a division of the News Corporation, stood by the remainder of the book and planned to continue promoting it when the new copies became available. …

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