1:20pm PT by Eriq Gardner
'Goodfellas' Producer Says Profits Lawsuit Against Warner Bros. Was "Misunderstanding"
The lawsuit filed by Goodfellas producer Irwin Winkler claiming that Warner Bros. has reported a financial loss on the Martin Scorsese gangster film is apparently resolved.
Or at least, Winkler says so in a statement that adds, "This lawsuit was based on a misunderstanding."
No stipulation to dismiss has yet been filed in the case, but Winkler bowed out in February with his company proceeding with claims that it was entitled to 50 percent of net profits. The lawsuit alleged at least $18 million in damages from what was termed at the time of filing as "studio accounting on steroids," with allegations of improper charges and understatement of home video revenue.
In 2014, according to the claims, Warner Bros. "finally disclos[ed] to plaintiffs that only '30%' of its home video revenue was being reported, a critical fact that Warner knew had been essential to prevent its prior reports from being materially misleading, and a critical fact that Warner knew it could have and should have disclosed in every one of its prior reports, but elected instead to conceal."
But the case may be going nowhere.
"I am happy to say it has been resolved," says Winkler's statement. "I have been making movies at Warner for more than 25 years, and consider the folks there to be extremely trustworthy, professional and skilled. Most recently, I had a great experience making Creed with Warner and MGM, and look forward to a long and continued collaboration with them.”
Daniel Petrocelli at O'Melveny & Myers represented Warner Bros., while Bert Fields represented Winkler.