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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. In contrast, John S. Lee, representing Haresh Jogani, lamented the verdict, citing a litany of motions seeking a mistrial and alleging trial irregularities.

A Decades-Long Legal Odyssey Fraught with Complexity

The legal saga, spanning over two decades, involved numerous appellate hearings, a nullified jury verdict, and shifting alliances among the siblings. Allegations centered on Haresh Jogani's alleged breach of contract and fiduciary duty, ultimately resulting in his siblings' exclusion from a thriving real estate partnership.

$3B In Punitive Damages Added To Brothers' $7B Real Estate Win : Implications of the Verdict

The verdict rendered last week decreed that Haresh Jogani had indeed violated his contractual obligations and fiduciary duties, entitling the plaintiffs to substantial compensatory awards and a stake in the real estate enterprise.

$3B In Punitive Damages Added To Brothers' $7B Real Estate Win : Legal Representation

Shashikant Jogani is represented by Steven Friedman and Michael Friedman of Friedman LLP. Rajesh and Chetan Jogani are represented by Peter Ross and Charles Avrith of Ross LLP. Shailesh Jogani is represented by Lawrence Ecoff and Alberto Campain of Ecoff Campain & Kay LLP.