Categories: OLD Media Moves

Forbes sued by prince over rich list

Saudi Arabia’s Prince Alwaleed bin Talal has launched a libel action against the business magazine Forbes due to claims it underestimated his fortune by $9.6 billion.

Josh Halliday of The Guardian writes, “Forbes said in a statement in response to the libel action: ‘We’re very surprised at claims that Prince Alwaleed has decided to sue Forbes, particularly if he has done so in the United Kingdom, a jurisdiction that has nothing whatsoever to do with our recent story which raised questions about his claims about his wealth.

“‘The Prince’s suit would be precisely the kind of libel tourism that the UK’s recently-passed libel reform law is intended to thwart. We would anticipate that the London high court will agree. Forbes stands by its story.’

“Legal experts said Alwaleed will have to prove that his reputation in England and Wales suffered ‘serious harm,”if the lawsuit is eventually tried at the high court. He will also have to show that the Forbes publication caused Kingdom Holding serious financial loss.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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