Spice Jazz v. Youngevity settlement finalized & approved
Back in July Spice Jazz and Youngevity announced they’d reached a settlement in their ongoing legal battle.
In August the JRJR33 Bankruptcy Trustee filed a motion requesting approval of a settlement between Spice Jazz and Youngevity.
On September 13th the motion was granted.
As detailed in the Bankruptcy Trustee’s motion;
The parties in the California Action have spent years working up their respective claims, completing substantial written discovery, depositions, dispositive motion practice, and settlement conferences with the court.
Ultimately, the soaring expense of continuing to prosecute the claims coupled with the risk of an adverse judgment and highly speculative collection prospects in the event of a successful judgment poses a no-win scenario.
In these situations, the only pragmatic solution is to stop throwing good money after bad and walk away.
For these reasons, the Trustee supports the mutual walkaway compromise reached in the California Action.
The parties in that case … have agreed to mutual releases.
Each party shall bear its own attorney’s fees and costs.
The approved agreement resolves both Spice Jazz’s claims and Youngevity’s counterclaims.
JRJR33’s bankruptcy proceedings continue.