A Los Angeles jury on Thursday awarded investors who claimed they lost millions from failed real estate ventures $34.5 million against Holland & Knight, according to a court official. The jury will deliberate on punitive damages today.
The plaintiffs said they were defrauded by Atlanta developer Shi Shailendra, their former investment partner, and that the law firm protected his interests over theirs. The California Superior Court jury found Holland & Knight liable for fraud, legal malpractice and breach of fiduciary duty on Thursday following a seven-week trial and six days of deliberations. Holland & Knight has maintained that it had no attorney-client relationship with the investors themselves-Rahim Sabadia, his wife Nafees El Batool and his brother-in-law Ishtiaq Khan-and acted as legal counsel only for Shailendra Group and various investment entities.
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