Charter stock sinks toward 3 1/2-year low, after judge cuts payment to murder victim’s family to $1.15 billion

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Shares of Charter Communications Inc. CHTR, -2.64% dropped 2.1% in afternoon trading Tuesday toward a 3 1/2-year low, buy pared earlier losses of as much as 2.7%, after a Texas judge reduced what the cable company must pay in damages to a murder victim’s family to $1.15 billion, according to a report in The Wall Street Journal. Previously, a Texas jury had found the company liable for $7 billion in punitive damages, after finding the company liable for one of its employees who robbed and killed a customer in 2019, the WSJ reported. Charter’s stock, which was on track for the lowest close since April 2019, has plunged 44.1% year to date, while the S&P 500 SPX, -1.16% has lost 20.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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