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Yucaipa, Follieri settle lawsuit

November 28, 2007|From Times Wire Services

A unit of Los Angeles billionaire Ron Burkle's Yucaipa Cos. and New York church-property developer Raffaello Follieri settled a lawsuit over alleged misuse of assets in a joint venture.

Burkle sued Follieri in April in Delaware Chancery Court, contending that he used some of the money intended to develop unneeded Catholic Church property to fund a lavish lifestyle that included private jets, a penthouse and movie star girlfriend Anne Hathaway.

Follieri didn't immediately comment.

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