John Leonard Pepsi Net Worth : For certain, the mid-1990s were a busy time for one John Leonard, the youthful man who was thrust to the public limelight following his famous lawsuit against the PepsiCo corporation in what would turn out to be the most iconic consumer lawsuit of all time. It is infamously referred to as the “Pepsi Points” lawsuit due to views held over the fact that Leonard thought he could get a military-grade Harrier jet in return. So what ever happened with the dispute involving the net worth of John Leonard? This post will take a look at the story of John Leonard, his involvement in the lawsuit against Pepsi, and the purported current state of his finances.
John Leonard Pepsi Net Worth | The Pepsi Points Promotion
During the mid-’90s, PepsiCo ran a promotion in which consumers would collect points from purchasing the company’s products to redeem for products bearing Pepsi logos, like T-shirts, shades, or anything else branded with Pepsi’s logo. It was a hugely popular promotion, with millions of customers joining to get as many points as possible to fulfill their desires.
John Leonard Pepsi Net Worth : But the one that really got everyone talking was an ad that humorously suggested that if you got 7 million Pepsi Points, you could, in fact, get yourself a Harrier jet – a military aircraft that goes for about $32 million. He just turned it on its head, saying it was supposed to be a sarcastic joke that showed a teenager landing the jet on top of his school to show how absolutely over the top the idea was. For one viewer, the ad felt like a real offer.
John Leonard’s Attempt to Claim the Jet
The 21-year-old student of business, John Leonard, watched the advertisement and, indeed, believed Pepsi. Much disturbed for it was quite financially improbable for him to buy enough of the Pepsi to make 7 million points, Leonard went over the rules of the promotion and surmised that participants could purchase Pepsi points at 10 cents apiece. In quick addition, Leonard had his conclusion. He could buy the 7 million points for $700,000.
With a number of investors, Leonard raised the funds and sent a check to PepsiCo for his Harrier jet. The suitably responded with a rejection of the offer, indicating that the ad was just a joke, and the terms of the offer were not serious. However, Leonard was under the impression that the company was now bound to him to give him the jet because it created the ad. He sued.
The Legal Battle and Outcome
The court case, “Leonard v. PepsiCo, Inc.”, was in 1999. This was one of the most sensational media stories, arousing much interest from the public, not only for its bizarre nature but also for its David-versus-Goliath feature in which a small student challenged a giant corporation. At the end, this claimed victory went to PepsiCo, since the court established that no reasonable person could actually consider the offer of a Harrier jet for Pepsi points to be serious.
The judge also commented that the commercial was clearly a joke, and that 7 million points was a ridiculously low amount compared to what a real Harrier jet would cost (at least $20 million). Leonard lost his case in court, and PepsiCo did not have to give him the jet.
How Much is John Leonard Worth? What Has He Been Up to Since the Suit?
As at today, very little public information exists about John Leonard’s net worth. He has largely remained out of the public limelight after the court case, and most significantly, an increase in or loss of huge financial value due to something attributed to his name happened after his court case.
Since Leonard was a business student who already had the forethought to round up investors and attempt to exploit a corporate loophole, he was likely to go far with a business or legal career. The specifics of his actual financial aftermath are undisclosed.
The Aftermath of the Pepsi Points Lawsuit
John Leonard Pepsi Net Worth : Even though John Leonard did not get a Harrier jet or make millions from his lawsuit, his case is an example of the power of consumer rights, advertising laws, and the impact of publicity. Matter of fact, most law school textbooks now reference this case to use as an example to explain the nuances of contract law and the outer edges of advertising puffery.
The case is also intended to remind companies of what their marketing strategies could result in. So, one small joke turned into a full legal battle that probably cost PepsiCo a lot of time, money, and possibly reputation damage.