In a major verdict in the US, a jury ordered an Indian-origin man Haresh Jogani to turn over $2.6 billion in cash and interests in over 17,000 residences in the San Fernando Valley in Los Angeles. This decision put an end to a 20-year legal battle about who owned the portfolio and the bitter feud in the Jogani family involving five brorthers.
The Jogani family has been involved in legal disputes since 2003, when Shashikant Jogani filed a lawsuit against Haresh for allegedly breaking an oral agreement that said his four brothers would each receive a portion of the portfolio.
Over time, more cases were brought, leading to a five-month trial that concluded this month at the Downtown Los Angeles headquarters of the Los Angeles Superior Court.
According to court records, the jury found that Haresh owed his three brothers a total of $2.6 billion in monetary damages for years of withholding their shares in the multifamily portfolio.
The 17,000 unit portfolio, which attorneys have valued at over $6 billion, was likewise divided among the five Joganis by the jury. That comes out to roughly $352,900 for each unit.
Shashikant received the largest payout, receiving $1.8 billion in damages in addition to a 50% part of the portfolio.
Rajesh received $459.8 million in damages along with a 10 percent portfolio stake, while Chetan Jogani received $299 million in damages plus a 6.5 percent stake.
Shailesh, the fifth brother, received a stake of 9.5%.