Earlier this year the co-founders of the AriZona iced tea juggernaut, John Ferolito and Domenick Vultaggio, got a chance to air some long-simmering grievances against each other in an 18-day bench trial in Nassau County (NYLJ, March 6). Now a state appeals court has ruled that the trial, in which Vultaggio sought $287 million in contract damages from Ferolito, wasn’t necessary and that Ferolito should have won on summary judgment.
However, attorneys on both sides say the evidence that came out bodes well for them in two pending proceedings in which Ferolito is seeking more than $2 billion for his share in the company, as well as $600 million in damages.
