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October 3, 2013

Australian mining tycoon and one of the world's richest women Gina Rinehart is planning to step down as head of her family's trust – possibly ending her two-year feud with two of her four children. 

Australian mining tycoon and one of the world's richest women Gina Rinehart is planning to step down as head of her family's trust – possibly ending her two-year feud with two of her four children.

Three of her children had launched a lawsuit to remove their mother as trustee of the multi-billion dollar Hope Margaret Hancock Trust in 2011 after she changed its vesting date to 2068 just days before it was due to pay out.

September 4, 2013

French luxury group LVMH has announced it is abandoning its appeal against the record-breaking fine it incurred for its secret stake in rival luxury house Hermes.

French luxury group LVMH has announced it is abandoning its appeal against the record-breaking fine it incurred for its secret stake in rival luxury house Hermes.

LVMH remained defiant, however, saying in a statement that it still disputed the ruling but had to consider the time and cost of further proceedings and focus on the management of its slice of Hermes.

Bernard Arnault's giant was hit with an €8 million penalty from the French financial regulator Autorite des Marches Financiers in early July for failing to comply with disclosure rules.

June 20, 2013

An heir of the Astor fortune could be set to swap his Upper East Side apartment for a prison cell today, having exhausted almost all appeals for his conviction of siphoning millions of dollars from his mother, Brooke Astor.

An heir of the Astor fortune could be set to swap his Upper East Side apartment for a prison cell today, having exhausted almost all appeals for his conviction of siphoning millions of dollars from his mother, Brooke Astor.

Anthony Marshall, 89, was convicted in 2009, for elderly abuse. The lawsuit, filed by his son Philip in 2006, alleged Marshall allowed his mother – suffering from Alzheimer’s Disease – to live in squalor, while he enriched himself with income from her estate.

His lawyers are still fighting for a last minute reprieve.

September 9, 2011

The management team at Volkswagen are “urgently” examining “potential courses of action” to ensure that the planned merger of the German carmaker with Porsche can go ahead, according to a spokesman for VW.   

The management team at Volkswagen are “urgently” examining “potential courses of action” to ensure that the planned merger of the German carmaker with Porsche can go ahead, according to a spokesman for VW.

VW said this week that efforts to merge the two family-controlled companies are being hampered by legal issues relating to Porsche's failed attempt to take over Volkswagen in 2008, which saw Porsche accumulate a debt of €10 billion.

January 4, 2011

A $2 billion-plus lawsuit filed against family-controlled automobile giant Porsche was dismissed by a US federal judge on 30 December 2010.

A $2 billion-plus lawsuit filed against family-controlled automobile giant Porsche was dismissed by a US federal judge on 30 December 2010.

Porsche was being sued by 39 hedge funds for lying over its intentions towards Volkswagen. Specifically, they claimed Porsche disguised its intentions to takeover VW at the end of 2008.

September 3, 2010

Family-owned Swatch Group has confirmed it has launched a legal action against UBS in relation to an absolute return fund sold to the watchmaker in 2009.

Family-owned Swatch Group has confirmed it has launched a legal action against UBS in relation to an absolute return fund sold to the watchmaker in 2009.
 
Biel-based Swatch claims UBS at the time had assured the value of its investment was secure and has filed for compensation amounting to SFr30 million (€23 million).
 

August 3, 2010

Courts in both New York and the Cayman Islands have dismissed lawsuits related to the dispute between family-owned Saudi Arabian conglomerates Saad Group and Ahamad Hamad Algosaibi and Brothers.

Courts in both New York and the Cayman Islands have dismissed lawsuits related to the dispute between family-owned Saudi Arabian conglomerates Saad Group and Ahamad Hamad Algosaibi and Brothers.
 

July 28, 2010

Saad Group, the Saudi Arabian conglomerate owned by Maan Al Sanea, was yesterday ordered to pay $33.1 million to Abu Dhabi Commercial Bank for defaulting on a currency swap agreement.

Saad Group, the Saudi Arabian conglomerate owned by Maan Al Sanea, was yesterday ordered to pay $33.1 million to Abu Dhabi Commercial Bank for defaulting on a currency swap agreement.

The ruling, made at the UK's High Court in London, is the first decision in a series of lawsuits facing the family-owned conglomerate.

June 18, 2010

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

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