Jury: Guess co-founder Marciano must pay $370M
LOS ANGELES — A Los Angeles jury has returned a $370 million verdict against Guess clothing co-founder Georges Marciano in a civil defamation lawsuit filed by five employees.
According to Friday’s Superior Court verdict, each employee will get $69 million in compensatory damages and $5 million in punitive damages.
Marciano sued his employees in August 2007, accusing them of stealing artwork by Ed Ruscha (roo-SHAY’), Robert Rauschenberg (RAU’-shen-berg) and Roy Lichtenstein.
His suit was thrown out, but the employees filed a cross-complaint, alleging defamation and intentional infliction of emotional distress. A judge found him liable in May.
Marciano founded Guess in 1982. His three brothers bought him out for $240 million in 1993.