Jury Awards Meritage $111M In Suit Against Ex-Pres

Law360, New York (September 29, 2008, 12:00 AM EDT) -- A federal jury has awarded Meritage Homes Corp. an estimated $111 million in damages, finding that a former division president defrauded the homebuilding company and breached contractual and fiduciary duties after he sold his business to Meritage in 2001.

The three-week trial concluded Thursday when the jury for the U.S. District Court for the District of Arizona ruled in favor of Meritage on nine out of nine counts, including breach of fiduciary duty, breach of contract, usurpation of corporate opportunities and fraud in the concealment. The...
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