Devon, Texas Billionaire Hit With $116M Fraud Verdict

Law360, New York (March 15, 2011, 4:25 PM EDT) -- A Texas jury issued a $116 million verdict Monday against Devon Energy Production Co. LP and Dallas billionaire Trevor Rees-Jones in a case accusing him of swindling an ex-partner out of his share of a company Devon acquired for $2.2 billion.

After a five-week trial, jurors in the District Court of the 127th Judicial District of Harris County, Texas, found in favor of D. Bobbitt Noel Jr., who was a minority partner in Rees-Jones’ former oil and gas company, Chief Holdings LLC, which was bought by...
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