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Two part owners of last year’s Preakness winner went on trial Tuesday in Covington, Ky., on charges they defrauded clients out of millions in a case being watched closely by the thoroughbred industry because the men could lose their share of the horse.

Shirley Cunningham Jr., 52, and William Gallion, 56, are accused of keeping money that prosecutors say should have gone to plaintiffs in a $200 million settlement from the maker of the diet drug fen-phen.

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