Wealthy Tort Lawyer Settles With Ex-Partner's Widow for Reported $10M to $35M
For five years, mass torts lawyer James Ferraro battled with Lynn Arko Kelley, the widow of his former law partner.
Now they have reached a confidential settlement of her claims concerning the massive sum she claimed to be due to her after Michael Kelley’s death from a heart attack. Although the figure is confidential, Ferraro said it was somewhere between the $10 million he offered and the $35 million she demanded, reports the Daily Business Review in an article reprinted in New York Lawyer (reg. req.).
“I think it became self-evident to everyone that this was a very destructive war and that my client deserves a lot of credit for her courage and for her compassion,” said her lawyer, William Wulger. “And Mr. Ferraro deserves a lot of credit for his skillful direction of his defense and for his appreciation of the wisdom of resolving this dispute. We have been at each other’s throats since 2006.”
Ferraro said he is very pleased with the settlement, which allows his firm to remain intact and continue handling some 30,000 asbestos cases. In addition to operating law offices in Florida and Ohio, he has an ownership interest in a restaurant and an arena football team and owns luxury homes in Manhattan and Martha’s Vineyard.
Earlier coverage:
ABAJournal.com: “Lucrative Law Firm Must Dissolve, Court Rules, Because Partnership Agreement Wasn’t Updated”
ABAJournal.com: “Asbestos Law Firm Seeks Chapter 11 Shield from $4.2M, or Maybe $35M, Claim of Partner’s Widow”
