Multi-Billion-Dollar Verdict in 21-Year Feud: Indian Tycoon Ordered to Pay Brothers

In a landmark legal decision, a United States jury has ruled in a 21-year-old land dispute, commanding Indian business tycoon Haresh Jogani to pay over Rs 2,000 crore in damages to his four brothers. The verdict further mandates the division of their substantial property empire in Southern California, including approximately 17,000 apartments valued in the billions of dollars.

The prolonged legal feud, initiated in 2003, saw 18 appeals, involving generations of attorneys and five judges in the Los Angeles Superior Court. The intricate case revolved around allegations that Haresh Jogani violated a longstanding partnership with his siblings. The jury's recent award of billions and property division marks a significant milestone in this protracted legal battle, with additional punitive damages still under consideration.

Some legal experts draw parallels between this case, known as Jogani v. Jogani, and the fictional probate case depicted in Charles Dickens' novel "Bleak House." However, unlike the Dickensian tale where there was no money left at the end, this modern legal saga involves billions that remain to be distributed among the Jogani brothers.

The Jogani family, originally from Gujarat, India, amassed a fortune in the global diamond trade, with a significant presence in Europe, Africa, North America, and the Middle East. Shashikant Jogani, who moved to California in 1969, laid the foundation for their wealth by venturing into the gem business and creating a substantial property portfolio.

The legal dispute traces back to the early 1990s when the Jogani brothers faced losses in their property investments due to an economic downturn. Shashikant Jogani brought his siblings into the business, making them partners in his firm. However, according to the complaint filed in 2003, Haresh Jogani terminated the collaboration, allegedly removing his brother forcibly from managing the firm and refusing to compensate him. This contentious split occurred after the firm embarked on a property acquisition spree, amassing a portfolio of around 17,000 apartment units.

In response to the legal claims, Haresh Jogani argued that without a written agreement, his siblings could not substantiate their partnership with him. However, the Los Angeles court found that Haresh breached an oral contract, emphasizing that oral agreements are customary in both the diamond trade and the Gujarati community.

After decades of legal battles, numerous appeals, and accusations, the jury concluded that 77-year-old Shashikant Jogani holds a 50% stake in the real estate partnership. The initial damages award for him stands at USD 1.8 billion, with the possibility of additional damages pending further hearings.

This complex legal saga showcases the intersection of family, business, and the intricacies of contractual agreements, leaving an indelible mark on the Jogani family legacy.