In a seismic legal upheaval, a Los Angeles jury has levied a staggering $3 billion in punitive damages against a real estate magnate accused of excluding his siblings from a profitable partnership, catapulting the total verdict to an estimated $10 billion, legal experts disclosed.
Jury Dismisses Financial Struggles Claim, Unveils Hidden Assets
The verdict, revealed on Thursday, rebuffed Haresh Jogani’s plea of financial ruin following a prior $7 billion verdict. Instead, jurors rallied behind the assertions of plaintiff Shashikant Jogani and two other brothers, affirming that Haresh Jogani obscured billions in assets.
Monumental Verdict Caps Decades-Long Legal Bout
The punitive damages award, divvied as $1.5 billion to Shashikant Jogani, $1.05 billion to Rajesh Jogani, and $450 million to Chetan Jogani, concludes a marathon five-and-a-half-month trial originating more than two decades ago.
Attorney Peter Ross, representing Rajesh and Chetan Jogani, expressed jubilation, stating, “My clients are elated. They feel that the jury heard them and that justice has been done after 20 years.”
Echoes of Malice, Fraud, and Unanimous Decision
Michael Friedman, counsel for Shashikant Jogani, hailed the verdict as just, underscoring the unanimous jury decision implicating Haresh Jogani in malice, oppression, or fraud.
