Twombly Foundation Directors to Leave Board in Settlement

Two members of the Cy Twombly Foundation board will give up their seats as part of a settlement of a bitter internal feud that spilled into court and divided the late artist’s charity, reports The New York Times.

Prominent art-world lawyer Ralph E. Lerner and Thomas H. Saliba, a financial adviser, will leave the four-member panel under a settlement approved Thursday in chancery court in Delaware, where the foundation is incorporated.

The deal settles a suit filed last March by Nicola Del Roscio and Julie Sylvester, the board’s president and vice president. They alleged Mr. Lerner and Mr. Saliba collected unauthorized fees for legal and investment work for the foundation and orchestrated inflated appraisals of Twombly pieces held in a separate trust the two men administered in an attempt to pad their commissions.

Mr. Lerner will also drop a suit he filed last year asking a judge to intervene in the board dispute. Additional terms of the settlement were not disclosed.