Brown & Charbonneau, LLP Attorneys win case involving a lawsuit for breach of contract, investment fraud, and related claims arising out of an investment in various cannabis cultivation facilities and dispensaries with a jury verdict of $20,201,418. The verdict consisted of $17,201,418 in compensatory damages, and $3,000,000 in punitive damages.
IRVINE, Calif., July 3, 2024 /PRNewswire-PRWeb/ -- After 3 years of litigation, attorneys Gregory G. Brown, Mark Higuchi, & Joseph Dankert of Brown & Charbonneau, LLP obtained a favorable jury verdict in the amount of $20,201,418. The verdict consisted of $17,201,418 in compensatory damages, and $3,000,000 in punitive damages. Additionally, the real property transfers were set aside to the extent permitted under the Uniform Voidable Transfer Act.
The case consisted of a lawsuit for breach of contract, investment fraud, and related claims arising out of an investment in various cannabis cultivation facilities and dispensaries. In 2019, the Plaintiff companies loaned the Defendants $12,000,000 pursuant to a written promissory note and business collaboration agreement. In exchange, the Plaintiffs were supposed to obtain the rights to manage various cannabis cultivation and dispensary facilities, with the loan being payable from the profits of those facilities. Shortly thereafter, Plaintiffs loaned an additional $2,300,000 to the Defendants to acquire an interest in additional cannabis cultivation and dispensary facilities. Upon receiving the aforementioned $14,300,000, Defendants used it to purchase various residential properties, then transferred title to such properties to corporate insiders. Defendants ultimately never conveyed the promised ownership interest or management rights in the cannabis facilities to Plaintiffs, and the $14,300,000 in funds loaned was never repaid.
"Our clients stayed the course and fought to the end, notwithstanding the many twists, turns and obstacles," said Brown. "The jury awarding $3,000,000 in punitive damages and setting aside each and every fraudulent transfer was the vindication our clients deserved."
Background
Brown & Charbonneau, LLP is one of Irvine's top-rated business litigation and trial law firms. Brown & Charbonneau, LLP has been named one of Best Lawyers' "Top Law Firms." Gregory G. Brown maintains the highest possible AV-Rating by Martindale-Hubbell, and has been named a "Super Lawyer" by Super Lawyers® for the past sixteen years. He is "Superb 10.0" rated by Avvo. Brown is a California State Bar Certified Trial Specialist and a member of the American Board of Trial Advocates. Brown & Charbonneau, LLP focuses its practice on complex business disputes, including contract actions, fraud cases, trade secret litigation, trust litigation, commercial contract disputes, intellectual property disputes, unfair competition, false advertising, shareholder derivative actions, corporate litigation, complex dissolution actions, real estate & construction, and professional liability suits. Visit http://www.bc-llp.com.
Media Contact
Madilyn Brown, Brown & Charbonneau, LLP, 1 7145053000, [email protected], www.bc-llp.com
SOURCE Brown & Charbonneau, LLP
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