Auctionbytes-NewsFlash, Number 953 - February 14, 2005 - ISSN 1539-5065
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Jury Rules on Securities Fraud Case
By Ina Steiner
AuctionBytes.com
The Associated Press reported that a jury last week found former Rep. Wes Cooley and his partner George Tannous lied in 2000 when they said online-auction giant eBay.com was about to buy their BidBay.com. The two were ordered to pay $2.2 million to 11 St. Louis-area investors. The case was tried in St. Louis, Missouri. George Tannous, who ran BidBay, is expected to appeal the verdict.
The online auction site BidBay was forced to change its name when eBay sued it for trademark infringement. It became AuctionDiner, then Bidway.com, and launched another service called Multi Level Auctions (MLA).
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