The Jogani family, known as one of the largest landlords in Los Angeles County’s San Fernando Valley since the 1990s, has finally reached a legal resolution after a 20-year legal saga. The jury has mandated that Haresh Jogani pay $2.6 billion in cash and distribute ownership stakes in a vast portfolio of over 17,000 apartments, according to industry reports.
The legal dispute traces back to 2003 when Shashikant Jogani, one of Haresh’s brothers, filed a lawsuit, alleging that Haresh failed to honor an oral agreement to include his four brothers in the property portfolio. After numerous lawsuits over the years, the case concluded with a five-month trial at the Los Angeles Superior Court. The Jogani family, sons of a diamond merchant in India, controls these properties through companies headquartered in L.A., Nevada and the British Virgin Islands.
Haresh Jogani has been ordered to pay a total of $2.6 billion in cash damages to his three brothers for withholding rightful stakes in the multifamily portfolio. The jury also divided the extensive portfolio, valued at more than $6 billion, among the five Joganis, averaging about $352,900 per unit.
Shashikant Jogani emerged with the largest share, receiving a 50 percent stake in the portfolio and $1.8 billion in damages. Chetan Jogani was awarded $299 million in damages along with a 6.5 percent stake, while Rajesh Jogani received $459.8 million in damages and a 10 percent stake. The fifth brother, Shailesh Jogani, secured a 9.5 percent stake.
However, the damages might see an increase pending a hearing next week, where the court will decide whether to award punitive damages on top of the initial jury verdict.
