Posted Jan 21, 2011 09:54 pm CST
A California law firm found to be too quick on the draw in bringing a big-bucks trademark suit on behalf of the estate of Diana Spencer, Princess of Wales and a memorial fund in her name is now having to pull out its own wallet.
With the help of its insurer, Manatt Phelps & Phillips will pay $25 million to the then-owners of the entity the law firm sued, the Franklin Mint Co., the Los Angeles Times reported.
The federal suit, which contended that the company made unauthorized collectible plates, dolls and purses in the memory of Princess Di after her 1997 death in an automobile was found to be without merit, and the Franklin Mint owners, Stewart and Lynda Resnick, counterclaimed for malicious prosecution, They were apparently particularly incensed about a claim in the complaint against them that referred to “vultures feeding on the dead,” according to the Am Law Daily.
The Resnicks say they will give the $25 million to charity.
ABAJournal.com: “Manatt Phelps Is Back on Hot Seat in Big Bucks Malicious Prosecution Suit”