SoCal financier awarded $300M in fraud lawsuit
The Associated Press
LOS ANGELES -- A jury has awarded $300 million to a venture capitalist who accused aone-time business associate of stealing his research into a Web-basedcredit card processing system.
The Los Angeles jury reached its decision Monday in the lawsuit against Greg Daily, who was sued for fraud and other claims.
Plaintiff Douglas Shooker claimed Daily blocked him from exercising a contract to buy a majority stake in the credit card transaction processing company after Shooker shared research on capturing revenue from Web-based purchases.
Daily's lawyer, James Penrod, calls the award for compensatory damages excessive and says he's contemplating an appeal. (Editor's Note: Excessive? It depends. I tried but could not find who this mysterious "Web-based credit card processing system" is that he could have gotten a majority stake in. No luck...yet. Found out it's NOT PayPal. UPDATE: It's iPayment Inc. and Daily filed for bankruptcy today.
The jury is scheduled to return Thursday to deliberate about punitive damages.
The Los Angeles jury reached its decision Monday in the lawsuit against Greg Daily, who was sued for fraud and other claims.
Plaintiff Douglas Shooker claimed Daily blocked him from exercising a contract to buy a majority stake in the credit card transaction processing company after Shooker shared research on capturing revenue from Web-based purchases.
Daily's lawyer, James Penrod, calls the award for compensatory damages excessive and says he's contemplating an appeal. (Editor's Note: Excessive? It depends. I tried but could not find who this mysterious "Web-based credit card processing system" is that he could have gotten a majority stake in. No luck...yet. Found out it's NOT PayPal. UPDATE: It's iPayment Inc. and Daily filed for bankruptcy today.
The jury is scheduled to return Thursday to deliberate about punitive damages.
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