The March 14, 2011, verdict in the 127th District Court in Harris County has not been signed as a judgment, although a press release issued by Mr. Noel's trial counsel claimed the jury awarded $116 million in damages. The trial court will decide the final award amount, which may be as little as $8 million under the terms of the verdict.
A similar lawsuit filed by another former minority partner in Chief Holdings was dismissed on a motion for summary judgment in another Houston state district court more than two years ago.
"Mr. Noel voluntarily redeemed his $504 stake in Chief under a 2004 agreement that paid him some $6.5 million, which included releasing the very claims he filed against our client in this lawsuit," says Mr. Haynes. "Trevor Rees-Jones is known for his integrity, honesty and hard work, which are the same traits he used to build his company and to make significant contributions to the community, along with his wife Jan, through the Rees-Jones Foundation. Trevor is extremely disappointed that Mr. Noel is continuing to pursue these claims after doing nothing to increase the value of Chief and taking none of the risks after cashing out nearly seven years ago."
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