Perelman Protégé Settles After Winning Court Battle

Feb 17 2012 | 3:23am ET

Buyout kingpin Ronald Perelman has settled with his former friend and colleague, hedge fund manager Donald Drapkin, weeks after losing a legal battle against him.

Perelman and Drapkin have settled all of the litigation between them, including that which resulted in a $16 million jury verdict against the MacAndrews & Forbes chief on Jan. 29. That judgment has been vacated as part of the settlement, details of which were not provided.

Drapkin, who spent 20 years as Perelman's in-house investment banker, sued MacAndrews for $16 million in promised payments; MacAndrews countered with a lawsuit of its own, accusing Drapkin, who left the firm to join Lazard, of breach of contract and attempting to poach MacAndrews' life-sciences head.

"Mr. Drapkin is very happy that all matters between the parties have been resolved on terms that we understand to be satisfactory to both of them, and it won't be necessary to litigate anymore," Drapkin's lawyer, David Dunn, told Reuters.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note