Gardere Wynne Sewellâ€™s $27.3 million verdict on behalf of its client Curocom Energy earns recognition among the Top Verdicts of 2014.
Online PR News – 03-April-2015 – HOUSTON, Texas – Gardere Wynne Sewell LLPâ€™s $27.3 million victory on behalf of Firm client Curocom Energy LLC has been recognized among the National Law Journalâ€™s â€śTop 100 Verdicts of 2014.â€ť
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 Woolimâ€™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 attorneysâ€™ fees.
â€śThis victory was the culmination of a long, hard fought journey for Curocom Energy,â€ť Mr. Chae says. â€śWe are pleased that the jury agreed that Woolimâ€™s actions would not and should not be tolerated.â€ť
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.
â€śWe are honored that our attorneys are being recognized for achieving courtroom success on behalf of our clients,â€ť says Geoffrey H. Bracken, co-chair of Gardereâ€™s litigation practice. â€śThis case is a good example of the system working as it should, and we are all very proud of Alex and Scottâ€™s accomplishments.â€ť
The complete National Law Journal verdicts listing can be found at www.nationallawjournal.com/id=1202721923983. The National Law Journalâ€™s VerdictSearch affiliate scoured the nationâ€™s court records in search of 2014â€™s biggest verdicts, also consulting with practitioners and reviewing reports by other ALM Media LLC publications to produce the listing.
Gardere Wynne Sewell LLP, an Am Law 200 firm founded in 1909 and one of the Southwest's largest full-service law firms, has offices in Austin, Dallas, Houston and Mexico City. Gardere provides legal services to private and public companies and individuals in the areas of corporate, energy, environmental, financial restructuring and reorganization, financial services, government affairs, hospitality, insurance, intellectual property, international, labor and employment, litigation, private equity, real estate and tax.
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