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Lennar wins verdict

Posted: December 11, 2013 2:00 a.m.
Updated: December 11, 2013 2:00 a.m.
 

Homebuilder Lennar Corporation was awarded $1 billion in damages against California developer Nicolas Marsch III and his company, Briarwood Capital LLC, a Lennar spokesperson said.

A civil jury found Marsch and Briarwood culpable of defamation and conspiracy to extort money from the Company, Lennar announced.

The $1 billion jury award in Lennar’s favor includes punitive damages, and brings to an end seven years of litigation in California and Florida courts.

The findings in the court trial were that Marsch was liable for conspiring with convicted felon Barry Minkow to engage in an unlawful scheme to extort money from Lennar. In 2011, Minkow returned to federal prison to serve a five-year term for his role in the same extortion and defamation scheme.

The jury awarded Lennar $802 million in compensatory damages as well as $200 million in punitive damages.

While it’s doubtful Lennar will collect the award, the “true value of the verdict is the validation of our integrity, credibility and transparency, which have always been cornerstones of our foundation,” said Stuart Miller, Lennar’s chief executive officer, Stuart Miller.

O’Melveny & Myers served as the lead trial counsel for Lennar.

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