Kardashian Sisters Win $11.5 Million In Legal Despite Against Cosmetic Partners
Their legal battle that's been waging for a span of five years has seemed to finally come to a victorious close for the Kardasian sisters. After filling a complaint through their management company against former business partner Haven Beauty, the sister will be walking away with $11.5 million more dollars to their name.
In 2012, a deal was made between the mega star sisters (Kourtney, Kim, and Khloe) and the company in which they would receive royalties from the sales of their branded beauty products in exchange from the then active company Boldface Licensing + Branding. Under the initial contract, Boldface was able to utilize the sisters likeness - all under the caveat that there would be written permission put forth in advance. The Kardashians were said to receive $1 million up front with 8 to 10 percent of royalties from wholesale of products like Kimsaprincess Inc., 2Die4Kourt and Khlomoney Inc, according to The Fashion Law. The problem: the Kardashians claimed, since 2016, they had never received said royalty. This smelled trouble for the already financially hindered Boldface who later had all their assets purchased by investment firm Hilliar Capital Management. This lead to the creation of Hilliar's subsidiary Haven Beauty .
Hilliar had their own bouts with the Kardashians, stating that the sisters failed to hold up their end of the bargain. The missing royalties and Haven's claims of the sisters not promoting the product lead to rather drawn out battle in court.
Come early 2018, as a result of a week and a half long hearing,the cases was brought to arbitration. Though the court went in the favor of the multimillionaire sisters, Hilliar wasn't giving up that easy. They challenged the $11.5 million award.
Though Hilliar tried numerous times to fight the courts ruling, a separate judge upheld the decision this week, making the sisters come out of the whole ordeal even richer. Along with the $11.5 million, the sister are said to also receive costs of the appeal and $2 million in post-judgement interest.
"Kim, Khloe and Kourtney are thrilled with this important victory in the California Court of Appeal," the Kardashians' attorney Michael Kump tells the Hollywood Reporter, "It’s been a long road since 2012 when they signed the license agreement allowing the use of their names and likenesses in the sale of color cosmetics. They deserve to be paid what they are owed."
Sources: The Fashion Law, WION News, Hollywood Reporter, Forbes,
from TheRichest - Feed https://ift.tt/3AGNJqV
Post a Comment