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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.