Monday, April 1, 2013

The Prince and the Plaintiff

Prince is probably a little less rich than he was a few days ago. After being sued in 2008 by the licensee of his unsuccessful fragrance 3121, the purple one stiffed his attorney, failed to show up in court, and was eventually slapped with a default judgment and $3.9 million in damages after a New York judge accepted the findings of a court-appointed referee.

That’s where “fraudulent inducement and tortious interference with contract” gets you.

Facing the loss of some serious coin, Prince appears to have pulled it together and appealed that judgment. Court papers filed last Wednesday indicate that he and the plaintiff, Revelations Perfume, have now settled out of court. Universal Music, also named in the suit, appears to be part of the settlement. Bloomberg’s Chris Dolmetsch reports that while attorneys confirm the case is settled, they are not willing to disclose the terms.

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