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The De Tomaso lawsuit produced a mixed jury verdict, not a finding that the company committed fraud or that its comeback has been derailed. Former executive Ryan Berris won $540,502.36 on a quantum meruit claim, while De Tomaso won $129,069.36 on its fiduciary-duty counterclaim. Separately, De Tomaso’s business combination with OIO Group closed in April 2026. Those outcomes matter, but they do not by themselves establish the company’s future financial or commercial prospects.
What happened in the De Tomaso lawsuit?
The dispute is Berris v. Choi, brought by Ryan Berris, De Tomaso’s former CEO and chief marketing officer. In a September 4, 2025 summary-judgment opinion, U.S. District Judge Arun Subramanian described sharply different accounts of Berris’s departure. Berris said he was forced out after raising concerns about alleged fraud and mismanagement. De Tomaso founder Norman Choi said Berris resigned after misusing company resources.
Berris also alleged that Choi and Genesis Unicorn Capital Corp., a special purpose acquisition company (SPAC), had arranged for De Tomaso to become Genesis’s acquisition target, and that Berris was forced to resign after objecting to allegedly false statements to SPAC investors. Those were allegations in the case, not findings that fraud occurred. The court’s ruling granted Choi and De Tomaso summary judgment on some matters and denied it on others; Genesis and its chief financial officer, Samuel Lui, received summary judgment. Berris’s contract and alternative equitable claims against De Tomaso, his defamation claim against Choi, and De Tomaso’s fiduciary-duty counterclaim proceeded. Read the September 4, 2025 summary-judgment opinion.
What did the jury decide?
The jury returned a mixed verdict. It rejected Berris’s contract and defamation claims and rejected alter-ego liability against Choi. It found for Berris on quantum meruit, an equitable claim for the reasonable value of services, and awarded him $540,502.36. The jury also found for De Tomaso on its fiduciary-duty counterclaim and awarded the company $129,069.36.
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- De Tomaso Pantera No.32 1:32 scale analog slot car compatible with Carrera Evolution tracks
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In a July 27, 2026 post-trial opinion, Judge Subramanian declined to overturn the fiduciary-duty verdict and denied Berris’s request for an equitable award based on unjust enrichment. The opinion granted prejudgment and post-judgment interest at the statutory rate. In explaining why the jury’s fiduciary-duty finding had evidentiary support, the judge discussed evidence about expense reimbursements and an unpaid apartment “loan”; those details should be understood in that context, rather than as separate findings beyond the verdict. Read the July 27, 2026 post-trial opinion.
Did the jury find De Tomaso liable?
The verdict did not make a general finding that De Tomaso was liable for fraud. It found for Berris on his quantum meruit claim, awarding $540,502.36, while finding for the company on its fiduciary-duty counterclaim, with a separate award of $129,069.36. The jury found for defendants on Berris’s contract and defamation claims. These are distinct claims and outcomes; the dollar awards should not be treated as a single net judgment or as a ruling on the allegations about the proposed SPAC transaction.
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Did De Tomaso merge with OIO Group?
Yes. OIO Group’s Form 6-K reported that its business combination with De Tomaso Automobili Holdings Limited closed on April 24, 2026. De Tomaso became an OIO subsidiary, and OIO ordinary shares began trading on the Nasdaq Capital Market under ticker OIO that day, following a 1-for-3 reverse split. The filing quoted OIO as saying, “On April 24, 2026, OIO Group (the ‘Company’) completed its previously announced business combination with De Tomaso Automobili Holdings Limited (‘De Tomaso’) (the ‘Business Combination’).”
The filing reported 348,022,108 ordinary shares outstanding immediately after the transaction and reverse split. It said former De Tomaso shareholders held approximately 95.8% and Choi approximately 67.6% immediately after closing, subject to the filing’s assumptions and exclusions for securities not exercised or converted. These are closing-date figures, not a statement of current ownership.
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- De Tomaso Pantera No.14 1:32 scale analog slot car compatible with Carrera Evolution tracks
- Carrera Part No. 20027672
- Powered by an inline E200 motor and fitted with replaceable double contact brushes for maximum contact with the slot car track. Downforce magnets underneath make for quick cornering and great handling.
- High-quality tampo-printing over detailed molds designed to faithfully replicate the original car
- Car can be upgradaded to digital with installation of digital chip(sold separately)
OIO described the combination as a platform for growth and called it transformational; those are the company’s characterizations, not verified results. Its filing also identified integration, liquidity, capital markets, listing compliance, and future strategy as risks. OIO said it intended to reconstitute its board and make senior management changes after filing its fiscal-year 2025 annual report. Read OIO Group’s April 27, 2026 Form 6-K.
Is Carmen Jorda’s lawsuit still active?
The separate case involving Carmen Jorda should not be confused with Berris’s lawsuit. On May 2, 2025, the U.S. District Court for the Southern District of New York granted De Tomaso and Choi’s motion to dismiss without prejudice and allowed limited jurisdictional discovery to determine whether it had jurisdiction over them. The docket record available through October 2025 does not establish the case’s ultimate disposition. It is therefore not possible to say from that record whether the case later concluded or remains active, and the dismissal should not be described as a final decision on the merits. View the Jorda case order and docket listing.
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What the litigation does—and does not—say about the comeback
The Berris verdict resolves specific claims between a former executive and the company; it does not establish whether De Tomaso can sell cars successfully, fund its operations, or deliver on its plans. The OIO transaction is a material corporate development, but a change in corporate structure and public-market trading is not proof of commercial success. The available facts support a narrower conclusion: the lawsuit ended in mixed results, and the company’s post-transaction prospects remain subject to the business and capital-market risks OIO disclosed.
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