Sid Krofft has reached a settlement with the trust established for the benefit of his late brother Marty Krofft stemming from a lawsuit in which Sid Krofft contended he was owed nearly $500,000 as part of a May 2017 buyout.
The 95-year-old creator, writer and puppeteer filed his suit in January 2023 against his sibling and companies associated with both men. Marty Krofft died in November 2023 at age 86.
On Tuesday, Sid Krofft’s attorney filed joint court papers with Burbank Superior Court Judge Frank Tavelman notifying him that the case was resolved, but no terms were divulged.
In addition to his brother, Sid Krofft’s suit named Krofft Entertainment Inc., Sid and Marty Krofft Pictures Corp., Sid and Marty Krofft Productions Inc., SMK Productions Corp. and two other individuals. Sid Krofft sought $470,000 in compensatory damages as well as punitive damages, plus a declaration of the rights of the parties and a court order allowing him to inspect corporate records of all funds received since May 2017.
The companies countersued Sid Krofft last June 7, saying he “breached the 2017 agreement in material ways and violated his duties and obligations to the Krofft companies even before the ink dried.”
The countersuit further alleged the plaintiff used the Krofft companies’ business relationships and assets to set up productions without rights, infringing on the exclusive ownership and control of the Krofft entities’ assets, including copyrights and trademarks.
As a former officer/director, Sid Krofft had specific fiduciary duties to the Krofft firms that he breached by doing things that conflicted with the companies’ interests, the countersuit stated. Sid Krofft also used confidential company information for his personal gain, the countersuit further alleged.
Sid and Marty Krofft, both born in Montreal, made numerous children’s television programs, mostly in the 1970s, including “H.R. Pufnstuf,” “Land of the Lost” and “Sigmund and the Sea Monsters.”