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Yoga guru Bikram Choudhury to pay $6.5 million in punitive damages

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Washington: What comes as a significant blow to his career, a Los Angeles County jury ordered Yoga founder Bikram Choudhury to pay over $6.5 million to his ex-attorney in punitive damages for harassment.

Minakshi Jafa-Bodden, who was employed by Choudhury as his general counsel in 2011, sued the 69-year-old yoga instructor alleging that she suffered gender discrimination, wrongful termination, and sexual harassment, according to a news agency report.

The decision was taken a day after Choudhury was ordered to pay Jafa-Bodden approximately $1 million as compensatory damages. On 26 January, the jury found Choudhury guilty of acting with malice, oppression, and fraud, allowing Jafa-Bodden to proceed with punitive damages immediately.

Jafa-Bodden alleged that she was fired in 2013 for investigating the claims of Choudhury raping a yoga student.

Choudhury’s attorneys, however, claimed that Jafa-Bodden was let go because she did not have a license to practice in the United States. However, Jafa-Bodden countered the claim by saying the yoga guru had persuaded her to leave India in 2011 to work for him in America.

During the court proceedings, Choudhury claimed that he did not have any knowledge of his net worth, and had not been making any money from the yoga business for several years. He did acknowledge the fact that he owned a fleet of 40 luxury cars, but claimed that he had transferred the ownership of the cars to the state of California to start a ‘Bikram auto engineering school for children’.

His statements were overridden when one of Jafa-Bodden’s lawyers displayed photographs of Bikram Choudhury’s Beverly Hills Mansion, and a pair of white Ferraris he had brought for his children.

Bikram Choudhury, who left the courtroom without commenting, has in the past been sued by six other women for sexual misconduct. On being questioned about these incidents during the recent trial, Choudhury denied he had sexually assaulted any woman.(IANS)(Image- wikipedia)

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Saudi Arabia’s Sovereign Fund Invested $1 Billion In An American Electric Car Manufacturer

Saudi Arabia's 33-year-old Crown Prince Mohammed bin Salman has talked about using the PIF to help diversify the economy of the kingdom.

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Derek Jenkins, VP of Design at Lucid Motors, introduces the alpha prototype of the Lucid Air at the 2017 New York International Auto Show in New York City. VOA

Saudi Arabia’s sovereign wealth fund invested $1 billion Monday in an American electric car manufacturer just weeks after Tesla CEO Elon Musk earlier claimed the kingdom would help his own firm go private.

Tesla stock dropped Monday on reaction to the news, the same day that the Saudi fund announced it had taken its first loan, an $11 billion borrowing from global banks as it tries to expand its investments.

The Saudi Public Investment Fund said it would invest the $1 billion in Newark, California-based Lucid Motors.

Lucid Motors
Lucid Motors. Flickr

The investment “will provide the necessary funding to commercially launch Lucid’s first electric vehicle, the Lucid Air, in 2020,” the sovereign wealth fund said in a statement. “The company plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Arizona, enter production for the Lucid Air to begin the global rollout of the company’s retail strategy starting in North America.”

Lucid issued a statement quoting Peter Rawlinson, its chief technology officer, welcoming the investment.

“At Lucid, we will demonstrate the full potential of the electric-connected vehicle in order to push the industry forward,” he said.

The decision comes after Musk on Aug. 7 tweeted that he had “funding secured” to take Tesla private. Investors pushed Tesla’s shares up 11 percent in a day, boosting its valuation by $6 billion.

Lucid Motors
Electric Car

There are multiple reports that the U.S. Securities and Exchange Commission is investigating the disclosure, including asking board members what they knew about Musk’s plans. Experts say regulators likely are investigating if Musk was truthful in the tweet about having the financing set for the deal. Musk later said the Saudi Public Investment Fund would be investing in the firm, something Saudi officials never comment on.

Meanwhile Monday, the sovereign wealth fund known by the acronym PIF said it had taken its first loan, an $11 billion borrowing. It did not say how it would use the money, only describing it as going toward “general corporate purposes.”

Also Read: Electric Cars: The Newest Trend in India

The Las Vegas-based Sovereign Wealth Fund Institute estimates the Saudi fund has holdings of $250 billion. Those include a $3.5 billion stake in the ride-sharing app Uber.

Saudi Arabia’s 33-year-old Crown Prince Mohammed bin Salman has talked about using the PIF to help diversify the economy of the kingdom, which relies almost entirely on money made from its oil sales. (VOA)