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Overstock's Byrne loses SCC appeal of Nazerali case

2018-08-09 20:46 ET - Street Wire

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by Mike Caswell

The Supreme Court of Canada has refused to hear an appeal of the defamation judgment that Aly Nazerali won against Overstock.com Inc.'s Patrick Byrne in 2016. In a decision released on Thursday, Aug. 9, the court has allowed the $905,000 decision to stand. The Supreme Court was the final avenue of appeal for Mr. Byrne.

The ruling is part of a case in which Mr. Nazerali had complained about statements that appeared on a website associated with Mr. Byrne called Deep Capture. The site published a series of chapters that accused Mr. Nazerali of running a pump-and-dump on the TSX Venture Exchange with Imagis Technologies Inc. and associated him with mafia figures. Mr. Nazerali said that the chapters caused serious damage to his reputation and affected his personal life, business life and his health.

As is customary, the Supreme Court did not release any reasons for rejecting the case. Matters submitted to the Supreme Court go through a vetting process of sorts, in which an appellant must ask permission to bring the case before the court. Most appeals are rejected at this stage with the court providing no reason.

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