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Plaintiffs Drop All Charges Against BSF Client The Andy Warhol Foundation; Settlement Reached

03.29.2011

Following extensive fact and expert discovery, the plaintiffs who brought antitrust and other federal claims against BSF’s clients The Andy Warhol Foundation and The Andy Warhol Art Authentication Board dropped unilaterally all of their claims with prejudice at a court hearing November 10th. Plaintiffs admitted that they found no evidence whatsoever for their claims, which were brought when artworks they submitted for authentication were denied.

At BSF's counsel, the Warhol Foundation and Board agreed to drop their breach of contract counterclaims, with the stipulation that if plaintiffs violate any of the terms of the settlement -- including by seeking or accepting profit based on these claims -- the Foundation will then resume litigation.

Nicholas Gravante Jr released the following statement on behalf of the Firm and the clients:

After extensive depositons and after reviewing hundreds of thousands of documents, Mr. Simon finally conceded to the Court yesterday that there is not, nor has there ever been, a shred of evidence to support his frivolous claims. The Court's Order confirming that fact is particularly gratifying and demonstrates, once and for all, the propriety of the Warhol Authentication Board's review process.

Please follow the below links for media coverage of this case.

ARTnews, April 2011
The Trouble With Warhol
http://www.artnews.com/issues/article.asp?art_id=3268

Law360 [subscription], November 16, 2010
Warhol Group Ends 3-Year Battle With Collectors
http://competition.law360.com/articles/209186

Am Law Litigation Daily, November 12, 2010
A Little Judicial Intervention Leads to a Settlement in Warhol Foundation Dispute
http://www.law.com/jsp/tal/digestTAL.jsp?id=1202474778037&slr...

New York Times, October 27, 2010
Warhol Board Lawsuit Is Finally Dropped
http://www.nytimes.com/2010/10/27/arts/design/27arts-WARHOLBO...

American Lawyer, October 26, 2010
Owner of Disputed Warhol Portrait Wants to Drop His Conspiracy Case Against Warhol Foundation; Not So Fast, Say Foundation's Boies Schiller Lawyers
http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1202473918937...

The Independent [London], July 11, 2010
Warhol Wars: Legal battle over authenticity
http://www.independent.co.uk/arts-entertainment/art/news/warh...

ARTnews, January 26, 2010
Warhol Board Faces New Lawsuit
http://www.zimbio.com/Andy+Warhol+Art+Authentication+Board/ar...

Related Lawyers: Philip J. Iovieno, Nicholas A. Gravante Jr., , Anne M. Nardacci,

Related Practices: Litigation, Antitrust

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