The Cato Institute and billionaire brothers Charles and David Koch announced an agreement that will end their legal dispute for control of the libertarian think tank, resulting in the dissolution of their controversial shareholder structure and the replacement of Cato President Ed Crane with former BB&T CEO John Allison.

Cato board Chairman Bob Levy explains the roots of the clash, the unusual shareholders agreement and why Cato needs to be viewed as an independent organization free of all interests.