An appellate court has tossed out $284 million in claims for contract damages against Boies, Schiller & Flexner client John Ferolito, one of the founders and owners of the multi-billion dollar AriZona Iced Tea company. The decision knocks out one of three litigation disputes between Ferolito and his co-founder of the beverage empire, Domenick Vultaggio.
The core disagreement between the owners concerns the value of the company, which is currently the largest independent ready to drink tea company in the United States. As a result of a dissolution proceeding Ferolito successfully instituted against Vultaggio last year, Ferolito will now be bought out of his interest in AriZona at a value to be determined by the Court in trial likely next year.
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