Have you ever imagined a brother who, after a 21-year legal battle, would give his brothers Rs 20,000?
Have you ever imagined a brother giving his brothers Rs 20,000 after a 21-year legal battle? An incredible story recently came to light about a person being asked to pay his four brothers Rs 20000 crore. A legal feud between five Indian brothers over a Southern California property empire and diamond business has ended with a jury awarding $2.5 billion which is over Rs 20000 crore in damages to four of them. Haresh Jogani was found to have breached a longstanding partnership with siblings Shashikant, Rajesh, Chetan and Shailesh Jogani. The four brothers will divide up shares of the property empire and its 17,000 apartments, which are worth billions more. The trial, which lasted five months, continues with a punitive damages hearing on Monday which could add to the award. The lawsuit, known as Jogani v. Jogani, began in 2003 and has been through 18 appeals, generations of attorneys and five judges in Los Angeles Superior Court.
One of five brothers, Haresh Jogani's family began their diamond business in Gujarat and later spread to Europe, Africa, the Middle East, and North America. Haresh Jogani entered the real estate market when his brother Shashikant moved to California at the age of 22 in 1969 to start a real estate firm. After encountering difficulties, Mr. Shashikant brought in Haresh and their other brothers as partners. As per his LinkedIn page, he is a director at JK Property Inc. and is presently based in Los Angeles, California.
The Jogani family built a fortune in the global diamond trade and began buying property in California in the 1990s. The portfolio suffered losses in the recession of the early 1990s, which worsened after the 1994 Northridge Earthquake. Shashi Jogani brought his brothers in as partners and, together, they embarked on a buying spree that eventually built the portfolio to roughly 17,000 apartment units. However, Haresh Jogani later "forcibly removed" his sibling from managing the firm and refused to pay him, according to Shashi Jogani's complaint.
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