Bronfman wins lawsuit over proceeds of Warner purchase
By CMU Editorial | Published on Tuesday 24 November 2009
The New York appeals court has upheld a lower court ruling in favour of Warner Music boss Edgar Bronfman Jr, who was sued by a former friend and associate who helped Bronfman mastermind his acquisition of the Warner music company back in 2003.
Richard Snyder, a former CEO of publishers Simon & Schuster, sued Bronfman in 2007. He claimed he helped Bronfman plan his big Warner purchase, and had been promised a cut of the proceeds of the acquisition as part of a gentleman’s agreement. Said cut never materialised, which is why Snyder sued.
A lower court previously rejected Snyder’s claim and, according to the New York Times, the New York State Court Of Appeals yesterday upheld that ruling.