Los Angeles, CA: A law firm announced a $7 billion verdict in favor of four brothers in a long legal dispute with a fifth brother over misappropriated assets and a family partnership agreement.
A boutique litigation and trial firm, Ross LLP, announced that the jury granted the four siblings $2.5 billion in monetary damages and over $4.5 billion in property interests.
“The case stems from a conflict among five brothers from India over 170 apartment buildings with 17,000 units mainly in the San Fernando Valley area of Los Angeles,” according to Ross LLP.
The five siblings were named Haresh Jogani, Rajesh Jogani, Chetan Jogani, Shashikant Jogani, and Shailesh Jogani in the law firm’s statement.
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“The properties are officially owned by one of the brothers, Haresh Jogani,” according to Ross LLP. The other four brothers claimed that…Haresh was managing the properties for a family partnership.
After a five-month trial, the jury ruled in favor of the four brothers, stating that Haresh Jogani owes $750 million in damages to Rajesh and Chetan, along with real estate interests worth over $1 billion.
Shashikant Jogani, who was represented by another law firm, received the largest settlement; the jury awarded him $4.75 billion, and the fifth brother, Shailesh, received $570 million.
The jury ruled in favor of the brothers Rajesh, Chetan, and Shashikant, awarding them punitive damages. The hearing for punitive damages is scheduled for Friday.