Facts

This case concerned several joint venture partnerships involving various real estate projects in California and Alabama. The plaintiffs initially sued for multiple claims of breach of contract, breach of fiduciary duty, declaratory relief and accounting, but their claims were reduced to a single cause of action for breach of promissory note during pre-trial proceedings. The defendants filed cross-claims for breach of contract, fraud, negligent misrepresentation, breach of fiduciary duty, conversion and quantum meruit.

PLAINTIFFS/CROSS-DEFENDANTS' CONTENTIONS:
The plaintiff contended that one of the defendants signed a promissory note on Dec. 31, 1994, and failed to pay back all principal and interest when it became due on Dec. 31, 2004.

DEFENDANT/CROSS-COMPLAINANTS' CONTENTIONS:
The defendant denied borrowing money or signing any promissory note in plaintiff's favor.

The cross-complainants claimed that they entered into a series of joint venture partnerships with the cross-defendants to identify and acquire real estate for development purposes.

In connection with those joint venture partnerships, the cross-complainants claimed that the cross-defendants breached their partnership or joint venture agreements and also intentionally or negligently misrepresented their intention to adhere to such agreements. The cross-complainants also contended that the cross-defendants failed to properly manage several properties, as they were required to do; breached their fiduciary duties; allowed the properties to fall into disrepair; and converted monies derived from the properties for their own use and benefit in violation of their partners' rights.

One of the other partners contended that he entered into several written profit participation agreements with one of the cross-defendants arising out of the real estate projects. The cross-complainant also contended that he could recover damages pursuant to the profit participation agreements or for quantum meruit for the value of his services he contributed to the real estate projects.

Result

The jury unanimously rejected plaintiff's claim for breach of promissory note and unanimously found on all of the cross-complainants' claims for breach of contract, fraud, breach of fiduciary duty, negligent misrepresentation and conversion.

Other Information

FILING DATE: May 1, 2007.

Deliberation

four hours

Length

11 days