Facts

Peter Costarakis acted as a silent partner and 50 percent owner of Pepper Steak Restaurant beginning in Dec. 1987, co-owned by Nikolaois Farantos. On Aug. 15, 2001, after discussions between the two regarding buying the restaurant's property, which was leased, Costarakis signed what he believed was a loan agreement toward the property purchase. However, Costarakis stated the document was an agreement to sell his interest in the business, along with a bill of sale for $35,000, resulting in Costarakis losing his shares in the restaurant. Farantos and his wife bought the property in March 2002 and sold the business to a third party in 2005.

PLAINTIFF'S CONTENTIONS:
Costarakis filed suit against Farantos, alleging breach of fiduciary duty and fraud. He contended that Farantos lied to him about the document and that he wasn't aware he was signing away his interest. Costarakis stated he should not have signed the agreement, but was under the impression it was for a loan.

DEFENDANT'S CONTENTIONS:
Farantos alleged that Costarakis lost his interest upon signing the agreement and bill of sale, and that he was fully aware of the type of agreement signed at the time. Farantos contended that he paid Costarakis $35,000 in cash for his interest.

Damages

Costarakis sought $80,000 in compensatory damages, as well as $175,197 in damages for rent collected, and $50,000 in punitive damages.

Result

The jury awarded Costarakis $405,197 in damages.

Deliberation

1.5 hours

Length

nine days