Published on : Apr 22, 2015
The owners of AriZona ice tea recently settled a legal feud that was not getting resolved for a rather long time. This was the same legal feud which made a state judge at New York to ask the firm to pay an amount worth US$1 billion in order for buying out one of the co-owners. Two of the partners have managed to reach a consensus that will resolve the litigation which earlier dealt with the matter pertaining to one of leading manufacturers of instant tea in the U.S.
The precise terms and conditions in the resolution were not disclosed. On Tuesday this settlement had received the preliminary approval. This approval came from a Mineola state judge. Senior officials stated that the terms and conditions put forth in the settlement have taken into consideration of the best interests of the parties involved in the deal.
This deal came through before a non-jury based trial which deals with the exact amount and also the terms of payment of the one billion dollars. One of the lawyers also expressed that his client seemed quite happy and satisfied with this settlement which basically ensures that the financial stability of the company will remain unaffected amidst all the adjustments that need to be made. Since 2008, there were legal issues and litigation that was taking place between the company’s two partners.
In fact, the business partnership failure between the partners seemed like a major dissolution proceeding in the corporate world of New York. The dispute mainly revolved around whether to retain the New York based Woodbury enterprise or sell the enterprise to one of the many potential buyers in the global beverages market including Nestle SA, Coca-Cola Co., or Tata Global Beverages Ltd.