New Jersey football fans may already know that Zigi Wilf, Mark Wilf and Leonard Wilf own a professional football team. What they may not know is that the three have been in court regarding some real estate disputes from the 1980s. The three were recently ordered to pay $84.5 million in fines regarding the disputes.
The lawsuit was originally filed back in 1992, and any profits from real estate that is the subject of the lawsuit are to be redistributed. The $84.5 million in fines also covers punitive and compensatory damages. The judge ruled that the trio is guilty of violating New Jersey's civil racketeering statutes, breaching fiduciary duty, fraud and breach of contract.
The Wilfs and their attorneys are considering filing an appeal to the ruling. News of the outcome of this litigation has raised questions regarding the construction of the new stadium for the NFL team they own, the Minnesota Vikings. The Wilfs had previously agreed to provide nearly $477 of the funding for the stadium, which is almost one-half of the $1 billion price tag for the stadium, and should have no trouble meeting that commitment despite the fine imposed in this litigation.
Real estate disputes can involve millions of dollars' worth of profits and property. When that happens, it can sometimes be difficult for people on both sides of the table to share. If one party believes he or she has been cheated in some way by the other parties involved in the transaction, filing a lawsuit may even the playing field.
Source: argusleader.com, New Jersey judge hits Vikings owners with $84.5M fine, No author, Sept. 23, 2013