UPDATE 1-AriZona iced tea founders settle buyout dispute

April 21, 2015 5:36 PM

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NEW YORK, April 21 (Reuters) - The founders of the privately held producer of AriZona iced tea have reached a settlement resolving a long-running legal feud that had prompted a New York state judge to order the company to pay $1 billion to buy out a co-owner.

Domenick Vultaggio, Beverage Marketing USA Inc's managing founder, and estranged partner John Ferolito have reached a deal resolving litigation that called into question the future of the top U.S. producer of ready-to-drink tea, Ferolito's lawyer said on Tuesday.

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