Indian Businessman To Pay Over Rs 20,000 Crore To His Brothers. Here’s Why
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The 2003 lawsuit already has been through 18 appealsAn obscure 21-year legal feud involving five brothers from India who have amassed a fortune in diamonds and Los Angeles real estate burst into public view this week with a multibillion-dollar US verdict that may be among the largest of the decade.After a five-month trial, a jury ordered Haresh Jogani to pay his brothers Shashikant, Rajesh, Chetan and Shailesh Jogani more than $2.5 billion (over Rs 20,000 crore) in damages and to divide up shares of their Southern California property empire - about 17,000 apartments worth billions more. The trial, over allegations that Haresh breached a longstanding partnership with his siblings, continues with a punitive damages hearing Monday that could add to the award.Jogani v. JoganiThe 2003 ...