Jury Awards $300M to Plaintiff in Fraud Lawsuit

Business and Corporate Law News May 12, 2009

Los Angeles – A Los Angeles jury has awarded $300 million to a capitalist who had charged his associate with fraud and other claims. The decision was reached Monday, May 11.

According to court records, Douglas Shooker accused Greg Daily of stealing his research into a Web-based credit card processing system. Shooker said Daily also prevented him to exercise a contract to buy a majority stake in the company.

Meanwhile, the jury will return Thursday, May 14, to deliberate on the punitive damages.

On the other hand, Daily’s lawyer complained that the compensatory damages was excessive and said they are contemplating an appeal.