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.