Princess Di dispute: Lawyers to pay $25m

2011-01-22 10:00
Los Angeles - A Los Angeles law firm that sued the Franklin Mint for marketing Princess Diana memorabilia has agreed to pay the mint's former owners $25m to settle a malicious prosecution lawsuit.

The settlement was announced Friday by Stewart and Lynda Resnick, whose company, Roll Global, sold the Franklin Mint in 2006. The couple said they would donate the money to charity, as they did with their share of a previous $25m settlement from The Diana Princess of Wales Memorial Fund.

"We never sought to gain financially from this effort, but we strongly believed in the underlying legal principles in this case and were prepared to see it through," Stewart Resnick said.

The settlement caps a 13-year legal battle that began in 1998, a year after Diana was killed in a car crash.

The firm Manatt, Phelps & Phillips sued on behalf of the memorial fund, accusing the Franklin Mint of false advertising and diluting the value of Diana's name with its memorial plates, purses and dolls.

After the suit was dismissed in 2000 the Resnicks counter-sued.

Manatt's chief executive officer, William T Quicksilver, said the law firm still believes it was in the right, but added "it was in the firm's best interest to settle this matter and put it behind us".

"We are gratified by the outpouring of public support for the legal positions we asserted, which came from virtually every corner of the legal community," Quicksilver said.

He also said the company was happy to see the money going to charity and that its own financial position would not be compromised.

The Diana Princess of Wales Memorial Fund, which had been established to hold millions of dollars in contributions made in Diana's name, settled in 2004.

As the action involving Manatt made its way through the legal system, a Los Angeles Superior Court judge ruled at one point that the law firm did indeed have probable cause to file the original action. A state court of appeals reversed that decision last May.

Roll Global said the bad publicity from the original suit devastated the Franklin Mint.

The year the suit was filed, the company said, the mint's annual revenue was $620m. It had plunged to $40m by 2004, Roll Global said.

"It's important that someone take a stand against these types of threatening lawsuits that allow lawyers to abuse the legal system and inflict damage on everyone involved," Resnick said on Friday.
- AP

Read more on:    princess diana  |  us
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Fashion
 
Traffic
Lottery
 
  • Friday Cape Town - 16:15 PM
    Road name: Wet Weather
    RAIN across the greater Cape Town area - drive with care and use headlights - Allow Extra Tavel Time
  • Friday Kuils River - 09:28 AM
    Road name: Polkadraai Road Eastbound
    ROADWORKS between the R102 Van Riebeeck Road and the R310 Baden Powell Drive exit - DELAYS
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

HOUSES FOR SALE IN Paarl

Houses R 4 750 000

HOUSES FOR SALE IN Durbanville

Houses R 2 195 000

APARTMENTS / FLATS FOR SALE IN Durbanville

Apartments / Flats R 650 000

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

2 TV Series for R250

Get 2 TV Series box sets for R250 and save up to R148! Offer valid while stocks last. Shop now!

Mind blowing deals on beauty & fragrances

Save up to 30% off beauty and fragrances. Offer valid while stocks last. Shop now!

Up to 50% off hair care products!

Save up to 50% on professional hair care products at kalahari.com. Offer valid while stocks last. Shop now!

30% off academic books

Score a mind blowing 30% off academic books! Offer valid while stocks last. Shop now!

Mind blowing deals on electronics!

Save up to 35% on electronics. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Samsung Galaxy S III 16GB

There are no straight lines in nature. The Samsung  GALAXY...

From R3795.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

The day may have a fluctuating sensitive energy to begin with, but later when the Moon moves into dramatic and creative Leo you...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.