In a dispute involving the intellectual property of The Palm Restaurant, the iconic steakhouse, New York Supreme Court Justice Andrea Masley ruled in favor of the restaurant’s minority shareholders, who claimed that the Palm’s majority shareholders breached their fiduciary duty of loyalty by exploiting the Palm’s famous IP for their personal benefit. Justice Masley ruled that the defendants owe more than $71 million in damages for having failed to pay fair royalties. Adding interest and attorneys’ fees, which the court also granted, the total award is estimated to be at least $120 million. DRD’s Josh Rievman was the lead trial lawyer in the case.
DRD Partner Josh Rievman Wins $120 Million Award for Minority Shareholders in Intellectual Property Dispute