Gardere Wynne Sewell LLP's $27.3 million victory on behalf of Firm client Curocom Energy LLC has been recognized among National Law Journal's "Top 100 Verdicts of 2014."
Represented by Gardere Partners Alexander C. Chae and Scott D. Ellis, Curocom Energy (a subsidiary of Korean-based Curo Holdings LLC) filed suit in Harris County District Court against Woolim Resources Development Co. Ltd., its Korean parent company Woolim Construction Co. Ltd. and related officers, regarding the 2007 purchase of a 90 percent interest in the Caliente Field for $30 million.
Prior to the sale, the defendants represented that all of the technical and geological data had been provided to Curocom for inspection. Seven months after the closing, Curocom discovered that Woolim had commissioned and concealed an unfavorable reserve report prior to the sale that would have impacted the price Curocom paid for its interest and contradicted Woolim's representations regarding the value.
After a three-week trial, the jury found that the defendants had purposefully concealed the unfavorable reserve data, and that they had done so with malice. The jury awarded $20.3 million in damages to Curocom, plus $7 million in punitive damages and $750,000 in attorneys' fees.
"This victory was the culmination of a long, hard fought journey for Curocom Energy," Mr. Chae says. "We are pleased that the jury agreed that Woolim's actions would not and should not be tolerated."
In addition to being ranked among the top 100 largest verdicts in the nation, the verdict in Curocom Energy LLC v. Woolim Resources Development Co. Ltd, et. al., Harris Co., Texas, Dist. Ct, 2009-06630 (June 23, 2014) is ranked as the 12th largest verdict in Texas for 2014.
"We are honored that our attorneys are being recognized for achieving courtroom success on behalf of our clients," says Geoffrey H. Bracken, co-chair of Gardere's litigation practice. "This case is a good example of the system working as it should, and we are all very proud of Alex and Scott's accomplishments."
The complete National Law Journal verdicts listing can be found here. The National Law Journal's VerdictSearch affiliate scoured the nation's court records in search of 2014's biggest verdicts, also consulting with practitioners and reviewing reports by other ALM Media LLC publications to produce the listing.