Gary Owen Todd and John E. Quigley received a defense judgment in an equity action seeking to vacate a divorce judgment on the grounds of fraud.
Plaintiff alleged the defendant perpetuated a fraud against the Court by significantly underestimating the value of a brokerage account by approximately $7 million dollars on his financial statement at the time of his divorce. Had the plaintiff prevailed, the divorce would have been vacated and retried, and the $7 million dollar asset would be subject to equitable distribution.
After a full trial on the merits and testimony of highly qualified experts in the field of option valuations, the court ruled that the defendant did not perpetuate a fraud given the theoretical value of the asset and the realistic valuation method the defendant had used during the negotiation of the settlement agreement.
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