Judge Ups Verdict Against Texas Oil Tycoon To $196M

Law360, New York (May 19, 2011, 8:01 PM EDT) -- A Texas state court judge on Wednesday added $80 million to a $116 million verdict against Dallas oil tycoon Trevor Rees-Jones for fraudulently buying a former partner's share of a company later sold to Devon Energy Production Co. LP for $2.2 billion.

Judge R.K. Sandill tacked on nearly $63 million in disgorgement and nearly $17 million in pre-judgment interest, for a total judgment of $196 million for plaintiff D. Bobbitt Noel Jr.

After a five-week trial, jurors found on March 14 that Rees-Jones committed fraud and...
To view the full article, register now.