John Gutfreund, the former head of Salomon Inc. securities brokerage firm, claims he was libeled by an article in the May 1, 1995 issue of Fortune magazine. The article entitled "Famous Failures -- Where They Are Now," mentions a Treasury bond trading scandal and says that Gutfreund has been "barred from the securities business for life." The article also says that Mr. Gutfreund has "no chance" for a comeback. Gutfreund contends that he has never been barred from the industry and that this article hinders his ablility to attract clients. This is his complaint against Time Inc., the publisher of Fortune.
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