A “massive” $65 million verdict awarded to an Atlanta-area cardiologist who said he was defrauded by a restaurateur is too big to stand, the Georgia Court of Appeals has ruled, wiping it out.
Fulton County jurors found Chittranjan “Chuck” Thakkar falsely promised ownership interests in three Atlanta-area restaurants to doctor Naresh Parikh in exchange for significant investments. The jurors’ March 2024 verdict included compensation for Parikh of $650,000 as well as $65 million in damages designed to punish Thakkar.
The appeals court said Thursday the $65 million in punitive damages is grossly excessive under precedent set in 1996 by the U.S. Supreme Court, which prohibits punitive damages that are unreasonably large compared to the amount of compensation awarded…