Jhaveri v. Teitelbaum
This is an appeal from a judgment after a jury unanimously found appellants Steve Teitelbaum and L.A. Coin Company, LLC (L.A. Coin Company) liable for breach of contract and fraud. In a bifurcated trial, the jury awarded Indra and Mary Jhaveri, doing business as Kant-Sar International,[1]compensatory damages in the amount of $1,219,864.[2] The jury awarded respondent punitive damages of an additional $1,016,554 against L.A. Coin Company and $2,033,108 against Teitelbaum. Appellants contend the jurys compensatory award is excessive, the punitive damages award must be reversed due to insufficient evidence of appellants financial condition and the trial court incorrectly calculated prejudgment interest.
Court reverse the judgment insofar as it awards prejudgment interest of 10 percent instead of 7 percent per annum on the tort portion of the compensatory award, modify the judgment to adjust the prejudgment interest and affirm the judgment as so modified.
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