MELLON’S VICTORY: The Royal Court of Jersey in the Channel Islands has awarded Tamara Mellon 6 million pounds, or $9.9 million, in Jimmy Choo shares after her mother, Ann Yeardye, conceded defeat in a civil lawsuit. Mellon had sued her mother for breach of contract in the sale of Jimmy Choo to Lion Capital in 2004. “Tamara is delighted with this outcome,” a spokesperson for Mellon, Jimmy Choo’s founder and president, said on Sunday. The case was settled late last week, and both sides paid their own costs. A spokesman for Yeardye could not be reached at press time.
As reported, Mellon was set to take the stand against her mother during the trial that began last month. Mellon and Yeardye held stakes in Jimmy Choo through family trusts and, at the time of the sale to Lion Capital, money was paid to the family in cash and stock of the new owner. Mother and daughter reached an agreement partly verbally and partly in writing that Yeardye would receive her share in cash only, and Mellon would take her share solely in stock. The lawsuit alleged that Yeardye mistakenly received some of the stock that was supposed to go to Mellon, and refused to return it when the error was discovered.
The disputed stock was later liquidated after Jimmy Choo was sold once again in 2007, and has been sitting in a frozen bank account. In 2004, Lion Capital acquired a majority stake in Jimmy Choo. In 2007, Lion Capital sold Jimmy Choo to TowerBrook Capital Partners LP, its current owner.