SEDA Chairman and Managing Partner Peter Selman Testified in U.S. Federal Trial Resulting in $39 Million Jury Verdict
SEDA Experts Chairman and Managing Partner Peter Selman served as an expert witness in a recent trial before the United States District Court for the District of Colorado involving a contractual dispute related to financial losses arising from an equity investment.
THE CASE
The case concerned claims brought by Christopher Parker and Red Mango Enterprises Ltd. against Charif Souki, founder of Tellurian, Inc., a liquefied natural gas company.
The dispute centered on whether communications exchanged in 2019, including text messages, constituted a binding agreement under which the defendant agreed to indemnify the plaintiffs against potential losses.
According to the plaintiffs, they were induced to retain their investment in Tellurian shares based on assurances that any losses would be covered. These assurances were reflected, in part, in written electronic communications between the parties.
The matter proceeded to trial, where the court considered the existence and enforceability of the alleged agreement, as well as the extent of any resulting damages.
THE EXPERTS' ROLE
Peter Selman provided expert testimony over the course of the trial. Drawing on his first-hand experience in derivatives, financing, and equity markets, his testimony assisted the jury in understanding the financial context of the dispute.
THE RESULT
The jury returned a unanimous verdict in favor of the plaintiffs, finding that the defendant had breached the 2019 agreement. The jury awarded total damages of $39 million, including $37 million to Red Mango Enterprises Ltd. and $2 million to Christopher Parker.
EXPERT INVOLVED
Peter Selman
Peter Selman has over 25 years of experience in the finance industry spanning global equities and derivatives, as the former Head of Global Equities at Deutsche Bank, and the Co-head of Global Equity Trading at Goldman Sachs.
Learn more about SEDA at sedaexperts.com
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