AriZona founders reach settlement in buyout saga
Founders of AriZona iced tea brand have finally reached an out of court settlement in the ongoing ownership saga of the billion-dollar brand. The terms of the settlement between Domenick Vultaggio and John Ferolito were not disclosed, but did receive a preliminary approval from a New York state court judge. The settlement was described as a "compromise" in the best interest of both parties by Ferolito's lawyer. The long-running legal feud centered on the valuation of the iced tea manufacturer, with estimates ranging from $447 million to $3.2 billion from opposing sides. In October 2014, a judge ruled that the company was worth approximately $2 billion, setting Ferolito up for a roughly $1 billion payout.