In a stirring family drama in Southern California, the Jogani brothers are at the center of a 21-year legal wrangle over a vast property empire. Haresh Jogani, the business tycoon in question, has been ordered by a U.S. jury to fork over a mind-boggling Rs 20,000 crore in damages to his four brothers.
The roots of this family feud began in 2003 when allegations emerged that Haresh had violated long-standing partnerships with his brothers, eventually leading to a court. The empire in question owns around 17,000 apartments worth billions of dollars.
The courtroom tussle saw 18 appeals, accusations of racial bias, and the classic debate of written versus oral agreements. Haresh argued that there was no written agreement, while the court held oral agreements to be valid, analogous to customary practices in the diamond trade and Gujaratis.
The climax of this legal saga, akin to a bollywood movie, awards Shashikant Jogani, the 77-year-old protagonist, with a 50% stake in the real estate partnership and an initial damages payout of USD 1.8 billion. As the matter settle down, the possibility of additional penal damages is lurking.
