Real estate developer Alan Casden won the latest round in the battle with his brother, Henry Casden, on Tuesday when a state court of appeal agreed with a Los Angeles jury that Henry Casden is not entitled to $5 million.
In the late 1990s, Henry Casden became president of his brother’s real estate investment trust, Casden Properties Inc., and was awarded shares in another of Alan Casden’s companies, Casden Investment Corp.
Henry Casden resigned from the company less than a year later and the two have been engaged in a nine-year battle over Henry Casden’s salary and severance pay. Henry Casden claimed his brother agreed to give him $5 million worth of Casden Investment Corp. units.
In 2007, a jury disagreed and did not award Henry Casden any damages.
In an unpublished opinion, three judges for the 2nd District Court of Appeal upheld the jury verdict, stating “the problem that Henry cannot overcome is the reality that he entered into an agreement for 277,777 Class B Units and not an agreement for a guaranteed $5 million, regardless of the subsequent value of those units.”