Manatt, Phelps & Phillips has agreed to pay $25 million to settle claims that a false advertising and trademark dilution case it filed against billionaires Stewart and Lynda Resnick amounted to malicious prosecution.
The Resnicks, founders of Los Angeles-based Roll International Corp., brought the case against Manatt after the firm sued them on behalf of the executors of the estate of Diana, Princess of Wales, and the trustees of The Diana, Princess of Wales Memorial Fund. The Diana fund had claimed that one of Roll’s divisions, the Franklin Mint, was illegally selling memorabilia bearing the likeness of Diana, who died in 1997, in violation of the Lanham Act.
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