Dominion sued Fox News for $1.6 billion, alleging it helped spread election conspiracy theories.
"Even under the most optimistic projections," they wrote, Staple Street did not forecast Dominion would be worth "anywhere near $1.6 billion."
"At no time did Staple Street so much as hint to its investors, auditors, or anyone else that Dominion could be worth $1.6 billion," they wrote.
"Yet, when Dominion decided to file a lawsuit to punish FNN for reporting the President's allegations about Dominion, Dominion chose to claim that Dominion's value was 20 times their highest estimate."
The $1.6 billion lawsuit, Fox News argues, will have a chilling effect on media outlets everywhere.