Court awards $300 million to financier

Associated Press

A jury has awarded $300 million to a venture capitalist who accused a onetime business associate of stealing his research into a Web-based credit card processing system.

The Los Angeles jury reached its decision Monday in the lawsuit against Greg Daily, who was sued for fraud and other claims.

Plaintiff Douglas Shooker alleged that Daily blocked him from exercising a contract to buy a majority stake in the credit card transaction processing company after Shooker shared research on capturing revenue from Web-based purchases.

Daily’s lawyer, James Penrod, called the award for compensatory damages excessive and said he was contemplating an appeal.