In a recent business litigation case, the Texas Supreme Court affirmed that lost profits may only be recovered when the amount can be proven with reasonable certainty, even when the damages sought are for the \u201cmarket value\u201d of an investment, as determined by lost profits.<\/p>\n
In Phillips v. Carlton Energy Group, LLC, Carlton sued entrepreneur Gene Phillips and other entities, alleging tortious interference with the company’s attempt to invest in an unproven methane exploration project in Bulgaria. Carlton sought the lost \u201cmarket value\u201d of its interest in the venture, and an expert witness testified that the fair market value of the investment ranged from $12.54 million to $11.305 billion, under three different models of damages. The jury found for Carlton and awarded actual damages of $66.5 million and exemplary damages of $8.5 million.<\/p>\n
The First District Court of Appeals in Houston upheld the jury’s award on appeal. However, the Texas Supreme Court unanimously (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" In a recent business litigation case, the Texas Supreme Court affirmed that lost profits may only be recovered when the amount can be proven with reasonable certainty, even when the damages sought are for the \u201cmarket value\u201d of an investment,…<\/span><\/p>\n