Ralph Lerner and his co-defendant settled with the Cy Twombly estate according to the New York Times. This comes five months after the news that Ralph Lerner had been suspended from practicing law for billing irregularities unconnected to the Twombly case:
The settlement – involving Ralph E. Lerner, a prominent art-world lawyer and one of the foundation’s four directors; and another director, Thomas H. Saliba, a financial adviser – was approved on Thursday night in chancery court in Delaware. The full terms of the settlement are confidential, but they involve Mr. Lerner and Mr. Saliba resigning their positions, and Mr. Lerner dropping a lawsuit he had filed in the same Delaware court asking a judge to intervene in the foundation’s dispute, saying that it had become deadlocked.
In March 2013, the foundation’s president, Nicola Del Roscio, who was Twombly’s companion; and its vice president, Julie Sylvester, a curator and Twombly expert, filed suit accusing Mr. Saliba of taking unauthorized fees for investment services, and of working with Mr. Lerner to have Twombly’s artwork in a separate trust appraised at a sharply inflated value of more than $1 billion.
Settlement Reached in Cy Twombly Foundation Lawsuit (NYTimes)
