Manatt, Phelps & Phillips Hand Over $25 Million
Manatt, Phelps & Phillips, a Los Angeles-based firm accused of malicious prosecution in a disagreement over Princess Diana memorabilia, has agreed to a $25 million settlement. The firm sued the Franklin Mint, a company formerly owned by Stewart and Lynda Resnick, over claims that Franklin Mint was engaging in false advertising, as well as weakening the worth of Princess Diana's name with their merchandise, which included memorial plates, purses, and dolls.
CEO of Manatt, William T. Quicksilver, said that the firm would not be financially compromised by the settlement. He came to the defense of his firm's position stating, ''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.''