Mille grazie judge.
A Manhattan judge has ended a family feud between the owners of the legendary Palm steakhouses by granting a late founder’s grandkids $120 million.
Italian immigrants Pio Bozzi and John Ganzi opened “La Parma” restaurant on Second Avenue and 45th St. in 1926.
Because of a language barrier it became The Palm and eventually grew to a mini-empire of 21 locations serving Italian classics like veal marsala and 36-ounce New York Strip steaks sliced table side.
Nearly a century later John Ganzi’s grankids– Garry Ganzi and his sister Claire Breen– sued their cousin Walter Ganzi Jr. and his partner Bruce Bozzi Sr., Pio Bozzi’s grandson for unpaid royalties.
The siblings control a 20 percent stake in the restaurant chain while the partners own the remaing 80 percent.
Late Tuesday Justice Andrea Masley released a ruling finding that the partners cheated the siblings out of millions in royalties by playing them an annual $6,000 licensing fee for each restaurant instead of a percentage of sales.
“The Palm is iconic, and the court found that the correct and proper way to license valuable intellectual property is to use the percentage of sales methodology.,” said the siblings’ lawyer Fred Newman.
“We are delighted to bring a long-awaited measure of justice to clients who were denied their rightful legacy for decades,” Newman said.
Judge Masey gave the siblings over $71 million in past royalties and $1,7 million in lost rent. With interest and legal fees the total award was about $120 million.
An attorney for the partners did not immediately return a message.
Source: Read Full Article