Colorado businessman Baljit S. Nanda has again lost his lawsuit against Phillips 66 company in a fight over the more than $1 million sale of some of his gas stations and convenience stores in Oklahoma and other states.
The 10th U.S. Circuit Court of Appeals upheld a lower court jury’s decision in a counter-lawsuit filed by Phillips 66 in a dispute over the firm’s purchase of stores from Nanda.
At the heart of the legal fight was the company’s $1,051,093 purchase of some of Nanda’s stores, a purchase based on Nanda’s representations that he was owed such amounts by Gas-Mart, Inc, a separate firm that operated some of the stores before Phillips bought them from Nanda.
When Phillips could not collect the full $1,051,093 from Gas-Mart, Nanda refused to reimburse the company and sued for alleged breach of contract. Phillips counter sued, accusing Nanda of overstating the value of the stores.
In 2016, a Denver jury agreed with Phillips and Nanda took an appeal to the 10th Circuit. This week,the court upheld the lower court decision and ruled against Nanda.
Nanda is also head of Delta Quad Holdings, a Colorado firm that planned to convert the former Federal Reserve Bank building in Kansas City into a hotel in a $148 million project. He won approval in 2015 and the project is underway with an opening planned for 2020.