Greenberg Traurig Wins $50.3 Million Jury Verdict for Newport Capital Advisors

IRVINE, Calif.--(BUSINESS WIRE)--The international law firm Greenberg Traurig, LLP successfully represented Newport Capital Advisors LLC (NCA) with a Los Angeles Superior Court jury awarding NCA a total verdict of $50.3 million on NCA’s cross-complaint. Following a four-week trial, the 12-member jury unanimously ruled that Commonfund Realty Investors, LLC, an investment fund managed by a subsidiary of Commonfund, the nation’s largest nonprofit investment manager, had breached their fiduciary duty to NCA by repudiating a joint venture involving four important Hollywood properties, including the iconic Hollywood Palladium. The jury was also unanimous in finding that the Commonfund parties were proven by clear and convincing evidence to be guilty of malice, oppression or fraud, warranting the imposition of punitive damages.

“We are very proud of the results achieved for our client NCA”

The verdicts, reached on consecutive days, were for $16.3 million in compensatory damages and $33.98 million in punitive damages. The first verdict was returned on October 13, 2011, following six hours of deliberation, and the verdict for punitive damages was returned the next morning after only 30 minutes of deliberation and for the exact amount requested in closing arguments. The lawsuit was initiated by Commonfund in May 2009. On the eve of trial, Commonfund dropped its claims and the trial proceeded on NCA’s cross-complaint.

“We are very proud of the results achieved for our client NCA,” said Greenberg Traurig shareholder Wayne Gross, who helped lead the NCA team with fellow litigation shareholder Alan Greenberg.

“This was a fact-intensive case that lasted four weeks - it was extremely rewarding to have the jury return the verdicts so quickly and know that we succeeded in presenting the issues in a way that the jury so clearly understood,” said Greenberg.

Greenberg Traurig’s Litigation Practice includes a team of more than 500 attorneys. The firm’s trial lawyers regularly appear in state and federal courts throughout the country, as well as in appellate courts and before international arbitration panels. They work closely with in-house counsel to develop a strategy that best fits a litigation cost and proficiency model appropriate to the client’s unique needs goals.

About Greenberg Traurig, LLP

Greenberg Traurig, LLP is an international, full-service law firm with approximately 1800 attorneys serving clients from more than 30 offices in the United States, Latin America, Europe and Asia. In the U.S., the firm has more offices than any other among the Top 10 on The National Law Journal’s 2011 NLJ 250. In Mexico, the firm operates as Greenberg Traurig, S.C., and in the U.K., as Greenberg Traurig Maher LLP. Greenberg Traurig has a strategic alliance with the independent law firm, Studio Santa Maria with offices in Milan and Rome. The firm was Chambers and Partners' USA Law Firm of the Year in 2007 and among the Top 3 in the International Law Firm of the Year at the 2009 The Lawyer Awards. Prior results cannot and do not guarantee or predict a similar outcome with respect to any future matter. For additional information, please visit www.gtlaw.com.