Litigation
The magazine is sued for libel on a regular basis and maintains a large quantity of money as a 'fighting fund' (although experience has taught those behind the magazine quick ways to defuse legal tensions, usually by printing a letter from those concerned).
The most famous litigation case against the magazine was initaited by James Goldsmith, who managed to arrange for criminal libel charges to be brought (effectively meaning that, if found guilty, those behind the Eye could be imprisoned). He apparently sued over allegations made about his business activities although precise details are hard to ascertain. Goldsmith won a partial victory and eventually reached a settlement with the magazine. However, the case threatened to bankrupt the magazine, which turned to its readers for financial support in the form of the Goldenballs Fund. Goldsmith himself was referred to as Jaws. The barrister involved in many litigation cases against Private Eye, including the Goldsmith case, was Peter Carter-Ruck.
Robert Maxwell also sued for the suggestion he looked like a criminal. He won a significant sum. Hislop neatly summarised the case: "I've just given a fat cheque to a fat Czech." Sonia Sutcliffe also sued after allegations that she used her connection to her husband, the Yorkshire Ripper Peter Sutcliffe, to make money. She won £600,000 which was later reduced to £60,000 on appeal. However, the initial award caused the editor, Ian Hislop, to quip outside the court: "If this is justice, I'm a banana."
Ownership
The magazine is apparently owned by an odd cartel of people, although is officially published through a company called Pressdram, which was founded by Peter Cook.
Private Eye is not the kind of magazine to publish explicit details of inidividuals concerned with its upkeep (it notably doesn't even contain a 'flannel panel' listing of who edits, writes and designs the magazine), but in 1981 the owners were quoted in The Private Eye Story book as being Peter Cook, who owned most of the shareholding, with smaller shareholdings by the likes of Dirk Bogarde, Jane Asher, and several of those involved with the founding of the magazine. Most people on the list have since died, however, and it's not clear what happened to their shareholdings. Those concerned were contractually only able to sell their shareholdings at the price they paid for them.
External links
Sources
The Private Eye Story by Patrick Marnham (ISBN 0233975098)
The original, and still commonest, use of the term private eye is to mean private investigator; the magazine's name derives from this. See Crime fiction and Detective fiction for details.