Business Services Industry
Financial Times calls UKpound 230 million claim 'ludicrous'.
Knight Ridder/Tribune Business News, October, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 5--The Financial Times newspaper has asked the High Court to throw out a record UKpound 230m claim for damages made against it by stockbroker Collins Stewart.
Lawyers acting for the FT, owned by media group Pearson, said the claim was "utterly ludicrous."
Collins Stewart, up 10p to 415p, is suing the paper for its coverage of allegations made by analyst James Middleweek against his former bosses.
The broker and its chief executive, Terry Smith, argue that the UKpound 230m claim reflects a change in the stock market's assessment of the net present value of future earnings of the company.
Desmond Browne QC, for the FT, said Smith seemed "determined to get into...
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