The co-founders of Arizona Beverage Corp., makers of the popular Arizona Iced Tea brand, reached a settlement to resolve their long-running legal dispute.
Domenick Vultaggio and John Ferolito had been locked in a bitter legal battle over the valuation of the company they co-founded and built into one of America’s best-known beverage brands. The dispute centered on Ferolito’s desire to exit the business and disagreements over the value of his 50% stake.
The settlement, brokered with the help of mediator Martin Scheinman, allows Vultaggio to buy out Ferolito’s share, ending a yearslong partnership dispute. The resolution enables the company to move forward under single ownership.
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