US: Los Angeles Court Orders Haresh Jogani to Pay USD Seven Billion to Four Indian Brothers in Family Real Estate Dispute
An intricate family feud spanning over two decades between five brothers from India has culminated in a staggering USD 7 billion verdict in favour of four siblings in a Los Angeles Superior Court.
Los Angeles, March 1: An intricate family feud spanning over two decades between five brothers from India has culminated in a staggering USD 7 billion verdict in favour of four siblings in a Los Angeles Superior Court. Haresh Jogani, the defendant in the lawsuit, has been ordered to pay his brothers Shashikant, Rajesh, Chetan, and Shailesh Jogani over USD 2.5 billion in damages and to divide shares of their Southern California property empire, comprising approximately 17,000 apartments.
According to multiple reports, the legal battle, dubbed Jogani vs Jogani, has been likened to the famed Jarndyce vs Jarndyce probate case from Charles Dickens' Bleak House due to its protracted nature and complexities. The dispute revolves around allegations that Haresh breached a longstanding partnership with his brothers, leading to a contentious legal battle that has traversed 18 appeals, numerous attorneys, and five judges. US Court Rekindles Lawsuit Against Nirvana for 1991 'Nevermind' Album Cover, Citing Sexual Exploitation Claims - Reports.
The origins of the conflict trace back to the Jogani family's fortune in the global diamond trade, with Shashikant Jogani establishing a solo gem business in California in 1969. The brothers collaborated to expand their real estate holdings, amassing a significant portfolio until disputes arose over management and ownership. The jury found that Haresh had violated an oral contract despite his claims that there was no partnership agreement. US Court of Appeals Denies Kathryn Mayorga's Appeal of Cristiano Ronaldo's 2010 Hush-money Settlement in Vegas Rape Case.
The verdict highlights the significance of oral agreements within the Jogani family's cultural and business practices, with oral contracts deemed as valuable as written ones, as stated by attorney Steve Friedman. Following the verdict, Haresh Jogani's legal team sought to disqualify the judge, alleging bias, but the motion was denied. The jury's decision delineated ownership shares, with Shashikant holding 50 per cent of the partnership, followed by Haresh with 24 per cent, Rajesh with 10 per cent, Shailesh with 9.5 per cent, and Chetan with 6.5 per cent.
(The above story first appeared on LatestLY on Mar 01, 2024 01:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).