The fine dining venue and social elite hot spot Cipriani will continue to serve its $12 cocktails after it reached a settlement with the New York State Liquor Authority yesterday, allowing the restaurant to keep its liquor license.

The authority’s chairman, Daniel Boyle, was threatening to revoke the license at an upcoming August 18 hearing after one of Cipriani’s owners, Arrigo Cipriani, was convicted of felony tax evasion. New York law does not allow convicted felons to obtain liquor licenses.

A spokesman for Cipriani refused to disclose specifics of the settlement. According to reports, the family-owned restaurant had already offered to pay a $500,000 settlement to the liquor authority in May, but the overture was rejected.

“We are grateful that this resolution ensures that service will continue uninterrupted at Cipriani’s world-class locations across New York City,” the restaurant said in a statement. “Cipriani is a vital part of New York City’s economy and is proud to currently provide work for nearly 3,000 individuals across the city.”