DOVER, Del. - A lawsuit that accused Vice President-elect Joe Biden's youngest son and brother of cheating a business partner out of money has been settled.
A stipulation of settlement in the case against Hunter Biden, a former Washington lobbyist and son of Delaware's senior senator, and James Biden, the senator's brother, was filed late last month in New York state court.
Nicholas Gravante Jr., an attorney for the Bidens, say the settlement terms are confidential.
In their response to the complaint, the Bidens denied any wrongdoing.
The lawsuit was over an effort led by the Bidens to take control of hedge funds run by the Paradigm Companies.
A partner in the deal, Anthony Lotito, claimed the Bidens negotiated their own deal behind his back and cheated him out of money.
James Biden had past financial dealings with Lotito, the lawsuit said.
Lotito claimed James Biden called him in early 2006 saying that his brother was concerned about the impact that Hunter Biden's lobbying might have on the senator's expected campaign for the 2008 Democratic presidential nomination.
His lobbying firm, Oldaker, Biden & Belair, had represented colleges and hospitals, mainly in an effort to secure money in appropriation bills.
He stopped lobbying in September after his father was on the Democratic ticket.
According to the lawsuit, James Biden said his brother had asked him to seek Lotito's help in finding a job for Hunter that wouldn't involve lobbying.
The lawsuit claims that after Lotito helped set up a deal to purchase control of the hedge funds for $21 million in cash and install Hunter Biden in an executive position with a $1.2 million salary, his relationship with the Bidens soured.
Lotito claimed that, without his knowledge, the Bidens then cut their own deal to purchase the same assets with an $8 million promissory note.
The Bidens claimed Lotito misrepresented himself.
