Koch Brothers, Cato Institute Settlement Announced (With Very Few Details)
National Journal and the Washington Post report that a settlement has been reached in the battle between libertarian billionaire philanthropists Charles and David Koch and the Cato Institute. (Full disclosure: David Koch sits on the board of Reason Foundation, the nonprofit that publishes this website.)
The deal will settle a lawsuit that the Koch brothers filed in February over shares that determine control of Cato. It results from the original division of shares between the two Koch brothers, Crane, and the late Cato Chairman William Niskanen….
The settlement involves an agreement to dissolve the shareholder agreement. In addition, Crane is expected to retire under a deal that allows him to select his successor, though the Koch brothers could veto the choice.
Details of the settlement outlined in the National Journal report could not be confirmed because Cato declined to comment until the staff has been briefed on the matter, which will occur Monday.
More as it develops and is made known.
Past posts on the controversy here.