Hours after multimillionaire Richard Riordan sued billionaire Ron Burkle on Thursday over a business deal gone sour, the Beverly Hills supermarket magnate settled a long-running dispute with the former Los Angeles mayor that had wrecked their friendship, the Daily News reports.
Riordan’s suit claimed that Burkle, who recently tried unsuccessfully to buy the Los Angeles Times and The Wall Street Journal, had refused to let him sell his investment in a high-tech firm he had become disenchanted with. He accused Burkle of being motivated by money and ego, accusing him in the lawsuit of breach of fiduciary duty, fraud, deceit, and violation of state business and professional codes. Riordan sought damages in excess of $5 million, as well as punitive damages.
Stunned by the filing, which came after at least two years of rancor, Burkle told the Daily News he would buy out Riordan’s investment interest, originally valued at $5 million.
