Brazilian businessman Washington Umberto Cinel had sued the original creators of Good News Holdings, a now-defunct media and entertainment company that created and distributed Christian faith-based entertainment and content through traditional and new media. That group included former Paramount Pictures president David Kirkpatrick, former Today show producer Martha Cotton and E! TV co-founder Christopher Chisholm. Cinel claimed in his original 2008 suit that he was fraudulently induced into investing $2.25 million in the company in late 2006 and early 2007. A Los Angeles Superior Court jury agreed today, finding that the defendants breached their investment contract, made intentional misrepresentations, intentionally concealed material information, violated state securities laws, and breached fiduciary duties — siding with the plaintiff on all 13 counts. It also awarded punitive damages against Kirkpatrick; that phase of the trial is set to begin tomorrow. In his court papers, Kirkpatrick denied any wrongdoing. Four of the five defendants were tried in the case; the fifth, Chisholm, will go to trial in November. Cinel was repped by Manatt, Phelps & Phillips.
Good News Holdings Trial Ends In $2.3M Verdict For Investor
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