On Friday, May 31, a Jenner & Block team obtained a defense verdict in a $250 million jury trial over a long-running partnership dispute between brothers concerning various domestic and international businesses.
Our client, who is one of the brothers and who owns significant real estate holdings in Southern California, retained the firm on the eve of trial.
At issue in the case was an alleged oral partnership agreement between five brothers, under which one of them claimed that all money made from their businesses—primarily diamond and real estate interests worth an estimated $7 billion—was to be shared equally among the brothers.
That brother sued our client and several of our client’s companies for breach of oral contract, breach of implied covenant of good faith and fair dealing, and breach of fiduciary duty for wrongfully withholding $250 million from him as his share of the alleged partnership interest in the real estate holdings.
Following the two-week trial in Los Angeles County Superior Court and one day of deliberation, the jury returned a verdict in our client’s favor on all three causes of action, finding that the plaintiff’s claims fell outside the statute of limitations.
Post-trial briefing is scheduled for June.
Partner Rick Richmond led the team, and Partner AnnaMarie A. Van Hoesen and Associate Nayiri K. Pilikyan also examined witnesses and handled motions. Associate Camila A. Connolly, paralegals Chris Ward and Rachel Yee and legal assistants Laura Saltzman, Julie Lontok, Maria Reyes, Jennifer Rodriguez and Elizabeth Visick also provided support.