Alan Casden on the short end in latest skirmish with brother.A LAN Casden got the worst of a legal split decision this month when an L.A. Superior Court jury ruled in favor of his older brother Henry in the second round of a four year-long civil suit. Henry Casden, former president of Casden Properties LLC, originally had sued the real estate mogul to recover part of his severance and at least $225,000 in unpaid dividends Unpaid dividend A dividend declared by the directors of a corporation that has not yet been paid. from his stake in a Casden-controlled partnership. Alan Casden won the original jury trial jury trial n. a trial of a lawsuit or criminal prosecution in which the case is presented to a jury and the factual questions and the final judgment are determined by a jury. This is distinguished from a "court trial" in which the judge decides factual as well as legal questions, and makes the final judgment., but a state appellate court overturned the verdict two years later, concluding that the jury was wrongly instructed on how to decide the case. This time around, the jury awarded Henry Casden $5.5 million, including severance, unpaid dividends and the value of his stake in the Casden partnership. It wasn't an all-out victory for Henry Casden. The jury found for Casden Properties, which Alan Casden controls with an affiliate of New York investment house Cerberus Cerberus (sûr`bərəs), in Greek mythology, many-headed dog with a mane and a tail of snakes; offspring of Typhon and Echidna. He guarded the entrance of Hades. One of the 12 labors of Hercules was to capture him. Capital Management, on its claim that Henry breached his fiduciary duty by signing a three-year employment agreement without disclosing that he had been diagnosed with diabetes. Casden Properties was awarded $1 million in damages as a result. In addition, a judge decided to set aside Henry Casden's more recent claim that Alan owed him $4 million in unpaid bonuses plus interest earned during his 11 years as Alan's right-hand man. That could have totaled out to $9 million in "damages according to Alan Casden's attorney, Tom Nolan. "We're disappointed with part of the verdict, but Henry can't feel too happy that he was just found liable for violating his fiduciary duties to a company," said Nolan. Henry Casden's attorney, Hillel 1.) Hillel, Jewish scholarHillel, fl. c.30 B.C.–A.D. 10, Jewish scholar, regarded as the forebear of the later patriarchs who led the Jews of Palestine until c.A.D. 400. The Jerusalem Talmud calls him the president of the Sanhedrin. He and Shammai formed the most important of the rabbinic zuggot (oppositional pairs), with Hillel usually taking a more liberal stance in the interpretation of scripture. Chodos, declined comment. |
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