01/24/2003 12:00AM

War Emblem suit settled

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The former partners in War Emblem settled a lawsuit on Friday over how to split a $1 million bonus the horse received after winning the Kentucky Derby, the partners said on Friday.

Under the settlement, Russell Reineman, who sold a 90 percent interest in War Emblem to The Thoroughbred Corp. just two weeks before the Derby, will receive $315,000 of the bonus, a person involved in the lawsuit said. The Thoroughbred Corp., which had been headed by Prince Ahmed Salman until his death in July, will get the remainder.

"We're satisfied," said Reineman on Friday. "You never know what you are going to end up with in a court battle, plus there's the attorney's fees, so it's nice to get it over with."

Neil Papiano, the attorney for The Thoroughbred Corp., said his clients were "satisfied."

Reineman owned War Emblem in full when the colt won the Illinois Derby on April 6. The Illinois Derby carried a $1 million bonus if the winner could also take the Kentucky Derby four weeks later.

War Emblem was sold in September to Shadai Farm in Japan for $17 million.