A $25 million lawsuit has been settled between a Los Angeles law firm and the Franklin Mint. The lawsuit stemmed from a suit that was filed against the Franklin Mint for marketing Princess Diana memorabilia. The settlement money will go to the mint’s former owners, Stewart and Lynda Resnick, whose current company, Roll Global, sold the Franklin Mint 5 years ago.
Resnick claims that the $25 million from the suit will go to charity, as they have never sought to gain financially from this effort. The settlement officially ends a 13-year legal battle that began a year after Princess Diana’s death in 1997. The Los Angeles law firm – Manatt, Phelps, & Phillips filed the lawsuit claiming the Franklin Mint falsely advertised and diluted Diana’s name through selling memorial plates, purses, and dolls.
The court dismissed the suit in 2000, although the Resnicks counter sued. William T. Quicksilver, the firm’s chief executive officer, claims he believes the firm’s decision to file the lawsuit was right although he also claims it was in the firm’s best interest to settle the matter. Quicksilver also added that the firm was happy to see the settlement money was going to good use and that its own financial position would not be compromised.
Source: The Associates Press