Key legal claims dismissed in Arizona dispute
A New York appeals court has recently dismissed key legal claims in the $287 million dispute between the estranged co-founders of Arizona Iced Tea. The court dismissed accusations by company co-founder Domenick Vultaggio and Beverage Marketing USA Inc, Arizona's parent company, against company co-founder John Ferolito. The plaintiffs had accused Ferolito of breach of contract, unjust enrichment and breach of fiduciary duty. They are also involved in a separate case to determine how much the iced tea manufacturer is worth. The outcome will determine what price Ferolito's stake can be sold for. According to court filings, potential bidders have offered as much as $2 billion for the 50 percent stake.