MIAMI-A federal civil court jury here has awarded locally-based homebuilder Lennar Corp. $1 billion in damages against California developer Nicolas Marsch III and Briarwood Capital for defamation and conspiracy to extort funds.
The jury award followed the trial court findings that Marsch conspired with Barry Minkow, a convicted felon, to extort money from Lennar. Minkow was sentenced to five years in prison after pleading guilty in 2011 to scheming to commit securities fraud to depress Lennar's stock, according to the Miami Herald.
Lennar CEO Stuart Miller stated that collection of the award is “doubtful. He added, “The true value of the verdict is the validation of our integrity, credibility and transparency, which have always been cornerstones of our foundation. The jury award represents a complete vindication of Lennar's reputation and good name.” See story in the Miami Herald.
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