Four brothers have emerged victorious in a $10 billion lawsuit in which a judge ruled that a fifth brother had misappropriated funds in violation of an alleged oral family partnership, resolving a high-stakes legal dispute the brothers have been fighting for over 20 years.
The decision represents one of the largest verdicts in Los Angeles County history.
According to the lawsuit, first filed in 2003 by original plaintiff Shashi Jogani, an oral family partnership-agreement existed between the five brothers from India, in which brothers Shashi, Rajesh, Chetan and Shailesh Jogani had each claimed part ownership in the real estate and diamond fortune of lone defendant Haresh Jogani.
Haresh Jogani, who owns more than 170 apartment buildings encompassing 17,000 units, primarily in the Valley, was sued on the basis that he did not share his profits despite the alleged agreement. The issue was, no written evidence existed.
But after two decades of litigation, Haresh Jogani was found guilty and ordered to give up more than three-quarters ownership in his real estate portfolio.
In total, the jury awarded the four successful brothers $2.5 billion in monetary damages and more than $4.5 billion in property interests, excluding punitive damages, which would add more than $3 billion to the verdict.
“In the end, the jury saw through the lies and misconduct that had been perpetuated for over 20 years, and reached a verdict overwhelmingly supported by the evidence and testimony, which included over $2.4 billion in compensatory damages, and recognized each brother’s interest in a multi-billion-dollar real estate partnership,” Lawrence Ecoff, a partner at Beverly Hills law firm Ecoff Campain & Kay LLP and lead counsel for brother Shailesh Jogani, said. “The wait has been very long, but justice has finally been served for my client and his brothers, Shashi, Chetan and Rajesh.”
The jury determined the partnership to be owned as follows: Shashi Jogani, 50%; Haresh Jogani,…
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