November 15, 2018 / 1:12 AM / 3 months ago

Palm restaurant owners hit with $73 mln judgment in family feud over IP rights

A New York judge on Tuesday waded into a family feud over the Palm steakhouse empire, saying the majority owners of the restaurant chain’s intellectual property rights engaged in self-dealing that short-changed their relatives by millions in potential licensing revenue.

Walter Ganzi Jr and Bruce Bozzi, grandchildren of the founders of the original Palm restaurant in Manhattan, grossly undervalued the IP rights to the Palm brand when they licensed them to franchises they own for only $6,000 per restaurant annually, New York Supreme Court Justice Andrea Masley ruled in a 29-page decision.

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