Billionaire William Koch said he settled a lawsuit against Acker, Merrall & Condit for selling more than 200 bottles of counterfeit wine at auction.
Koch said the accord includes a “significant payment” from Acker and that the auction house has agreed to change its practices to prevent fake vintage wines from entering the marketplace, according to a statement.
Brad Goldstein, a spokesman for Koch, declined to comment when asked about the amount of the accord.
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