Magazine article The Quill

Libel Suit That Won Largest Award Now Dismissed

Magazine article The Quill

Libel Suit That Won Largest Award Now Dismissed

Article excerpt

More than two years after a Houston firm won a record $222.7 million libel award against the publisher of The Wall Street Journal, the case died Dec. 21 when MMAR Group Inc. said it could not afford to continue the fight.

MMAR agreed to dismiss its libel claims against The Wall Street Journal, saying "MMAR now lacks the financial resources to continue the good fight against its wealthy adversary."

Paul E. Steiger, managing editor of The Wall Street Journal, said the investment firm did not deserve any money from his newspaper's parent company "We are delighted that this lawsuit which once produced the largest libel verdict in U.S. history-has finally come to a most appropriate end: with the plaintiff withdrawing its claims in their entirety and recovering nothing; Steiger said.

MMAR said an article chronicling the company's relationship with a pension fund contained defamatory statements that forced it out of business. …

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