The British High Court today struck out the bulk of a record £240 million sterling libel damages claim brought against the Financial Timesby City stockbrokers Collins Stewart Tullet.
Mr Justice Tugendhat ruled that the part of the claim relating to £230.5 million special damages could not proceed.
This figure was based on the difference between what the company said was its market capitalisation on March 26th 2004 and what they said it would have been on that date - but for an August 2003 FT article.
"I have decided that the claimants cannot win on this part of their claim, and that a trial of that issue would be a waste of time."
The company are seeking damages over an article headed 'Reputations on the Line at Collins Stewart'.
The judge said that the remaining issues of damages - including substantial claims for loss of business and other financial loss - should be tried by a judge sitting alone after a trial on liability before a judge and jury - should the company win on liability.
The FT is vigorously defending the claim, arguing qualified privilege.