(CelebrityAccess News Service) – The New York Daily News reports that Judge Victor Merrano has reduced the punitive damages in the TVT Records vs. Island Def Jam Records and Lyor Cohen lawsuits from $52 million to $26 million in the former and from $56 million to $3 million in the latter. A jury ruled against the two defendants in May in a liable suit for fraud and other allegations for reneging on a deal to release an album featuring Ja Rule. The jury's awards were one of the largest ever against an entertainment entity. –by Bob Grossweiner and Jane Cohen
