A defendant hammered by a $10.7 million jury verdict nearly three years ago is claiming an appeals court in Dallas has overturned the award.
According to a Monday press release, the Court of Appeals for the Fifth District of Texas wiped a $10.7 million jury verdict against Mehrdad "Mike" Ghani and business associate, Dr. Michael Taba.
The case involves a dispute between investors in two medical imaging centers and was brought by ousted investor, Dr. Erwin Cruz, a general partner who filed suit against the two men alleging breaches of fiduciary duty and conversion.
Court records show the opinion was issued Jan. 9.
The press release states Dr. Cruz claimed financial losses, arguing that he was deprived of his interests in the two businesses, Plano AMI LP and North Dallas Medical Imaging LP.
Following a two-week trial in May 2012, the jurors found in favor of him, awarding the verdict in question.
On appeal, Ghani and Dr. Taba introduced evidence that Dr. Cruz consented to the dissolution of NDMI and thereby waived any breach of fiduciary duty.
The trial court granted a motion for a directed verdict on Mr. Ghani's defense of waiver, but the appeals court agreed that there was evidence that Dr. Cruz knowingly consented to the dissolution, the press release states.
"The judge favored opposing counsel in his rulings, which affected the jurors' opinions," said Ghani. "The jury was prevented from considering all the facts. A new judge has been elected and I believe we'll get a fair trial this time."