Midtown Steakhouse Heirs Settle $120M Lawsuit: Report

MIDTOWN MANHATTAN, NY — A bitter lawsuit between the heirs of a Midtown steakhouse fortune will culminate in a whopping $120 million settlement, according to reports.

Walter Ganzi Jr. and his partner Bruce Bozzi Sr. were ordered to pay Garry Ganzi and Claire Breen $71 million in royalties and $1.7 million in rent, Eater New York first reported. The plaintiffs and defendants are cousins and grandchildren of The Palm steakhouse founders Pio Bozzi and John Ganzi, Eater reported.

Garry Ganzi and Breen sued Walter Ganzi Jr. and Bozzi Sr. in 2012, claiming that the business partners owed them money due to The Palm's success in their business ventures, Eater reported. Ganzi Jr. and Bozzi Sr. are owners of a company that has established more than two dozen The Palm spin-offs, according to the report.

Garry Ganzi and Breen — owners of the original The Palm which closed its original 837 Second Ave. location 2015 — argued that a $6,000 licensing fee for each new restaurant opened out of New York State was insufficient payment, Eater reported.

In addition to the royalties and rent payments, Ganzi Jr. and Bozzi Sr. are ordered to pay interest and cover their cousin's attorney fees — which bump's the payout up to $120 million.

Read the full Eater New York report here.

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