FOR IMMEDIATE RELEASE -

When friends Eric Chancellor and Nelson DeVega met for drinks and outlined a partnership agreement on a napkin for a construction project, they likely never envisioned that years later they would find themselves in  a courtroom litigating the terms of their agreement.  The partnership soured when the project failed to timely sell and incurred carry costs and cost overruns that exceeded the ultimate sales price.

Chancellor filed suit against DeVega and his company, Nelson DeVega Homes, LP, asserting claims for breach of contract and breach of fiduciary duty and sought punitive damages.  Chancellor asked the court to render verdict in excess of $2 million against Defendants. Trial commenced on March 28, 2011 in Dallas County District Court. On Wednesday, Judge Lorraine Raggio rendered a verdict for Defendants, finding that Defendants fulfilled their obligations under the partnership agreement, and the losses suffered were attributable to market conditions.

Cody Towns served as lead trial counsel for Nelson DeVega and Nelson DeVega Homes, LP.

The case is Eric Chancellor v. Nelson DeVega and Nelson DeVega Homes, LP, Case No. DC-09-14531, Dallas County District Court.