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The United States Court of Appeals for the Second District upheld the award, imposed last year by a Manhattan federal judge.
In 1940, Cluj, along with the rest of Northern Transylvania, became part of Miklós Horthy's Hungary through the Second Vienna Award imposed by Nazi Germany and Fascist Italy.
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Other big punitive awards imposed recently in a variety of cases have also made headlines.
By Monday, the company had reduced the share award and imposed performance criteria more easily understood by investors.
The $8 million damage award was imposed on Brown & Williamson for conspiracy and fraudulently concealing the health risks of smoking.
Soon after the "60 Minutes" segment was broadcast, the Mississippi Legislature enacted a measure that tightened the rules on where cases could be brought, capped punitive damage awards and imposed fines for filing frivolous lawsuits.
She undertook a dangerous journalistic assignment to interview the former Romanian Prime Minister Iuliu Maniu in Cluj, Transylvania, at the time full of German troops, and soon to be transferred by Romania to Hungary as part of the Second Vienna Award of August 1940, imposed by the Germans and Italians.
Big punitive awards have been imposed recently in a variety of cases.
In yesterday's decision, Judge Holland again asserted that a $5 billion award was justified but imposed an intermediate amount, of $4.5 billion.
The Chinese government has described Mr. Liu's award as "blasphemy" and has imposed a blackout on news about it.
China is not disqualified as a host because its government has, almost from the time of the award to Beijing in 2001, imposed a crackdown on human rights or because the Communist Party is using this sporting extravaganza to justify its increasingly repressive rule.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com