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Legal

January 6, 2011

Hyundai Group, the South Korea-based conglomerate controlled by the Chung family, had its bid to block the sale of Hyundai Engineering & Construction to rival Hyundai Motor rejected by a court in Seoul on 4 January.

Hyundai Group, the South Korea-based conglomerate controlled by the Chung family, had its bid to block the sale of Hyundai Engineering & Construction to rival Hyundai Motor rejected by a court in Seoul on 4 January.

The ruling leaves Hyundai Motor, which is controlled by a rival branch of the Chung family, free to acquire the 35% share of Hyundai E&C both sides of the family had been bidding for.

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.

December 8, 2010

Two of France’s largest and most famed family businesses, Hermes and L’Oreal, have taken steps this week to bolster family control and reaffirm the family’s commitment to the company. But the question remains as to whether this is enough to ensure continued family ownership.

Two of France's largest and most famed family businesses, Hermes and L'Oreal, have taken steps this week to bolster family control and reaffirm the family's commitment to the company. But the question remains as to whether this is enough to ensure continued family ownership, writes Katie Barker. 

Hermes moved first with its family members setting up a holding company in an attempt to fend off unwelcome advances from much larger rival LVMH Moet Hennessy Louis Vuitton.

October 1, 2010

The war of words between the Riggio family and activist investor Ron Burkle came to a head this week at the Barnes & Noble annual general meeting when shareholders voted on Burkle’s proposals to change the company’s governance structure, writes Katie Barker

The war of words between the Riggio family and activist investor Ron Burkle came to a head this week at the Barnes & Noble annual general meeting when shareholders voted on Burkle's proposals to change the company's governance structure, writes Katie Barker.

The Riggio family succeeded in defending its position when shareholders voted to reinstate Leonard Riggio as chairman of the board and failed to pass Burkle's plan to loosen a poison pill provision that allows the family to hold the largest share.

September 27, 2010

Hyundai Motor Group, the Korea-based car company controlled by the Chung family, announced 27 September that is plans to bid for a controlling stake in Hyundai Engineering & Construction, which will pit it against another branch of the founding family.

Hyundai Motor Group, the Korea-based car company controlled by the Chung family, announced 27 September that is plans to bid for a controlling stake in Hyundai Engineering & Construction, which will pit it against another branch of the founding family.

September 15, 2010

Yucaipa Companies, the investment firm of activist shareholder Ron Burkle, has sent a letter to his fellow shareholders to “set facts straight on company performance” and dispute claims made by the Barnes & Noble board on 9 September.

Yucaipa Companies, the investment firm of activist shareholder Ron Burkle, has sent a letter to his fellow shareholders to "set facts straight on company performance" and dispute claims made by the Barnes & Noble board on 9 September. 

The letter, entitled "Enough with the fiction", accuses the Barnes & Noble board of attempting to "scare you with misleading statements about Yucaipa to distract you from the real issues."

September 14, 2010

Family-owned ceramics manufacturer Villeroy & Boch has announced it is to appeal a decision by the European Commission to fine it for its part in an alleged price fixing cartel that has implicated other family businesses.

Family-owned ceramics manufacturer Villeroy & Boch has announced it is to appeal a decision by the European Commission to fine it for its part in an alleged price fixing cartel that has implicated other family businesses.

"The charges are unjustified in law and in fact. For these reasons Villeroy & Boch companies affected by the decision have filed appeals at the European General Court," the German-based company said in a statement.

September 10, 2010

Barnes & Noble, the US bookseller controlled by the Riggio family, has sent a letter to shareholders urging them to vote against proposals made by activist shareholder Ron Burkle.

Barnes & Noble, the US bookseller controlled by the Riggio family, has sent a letter to shareholders urging them to vote against proposals made by activist shareholder Ron Burkle.

In the letter, sent 9 September, the Barnes & Noble board asks shareholders to vote against both of Burkle's proposals at the annual general meeting on 28 September. It also attempts to outline how decisions taken by company management have increased shareholder value, contrary to Burkle's claims.

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).
 

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