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Legal

March 18, 2014

A court in Stuttgart, Germany, has dismissed a lawsuit brought against Porsche SE – the investment company that controls the eponymous German carmaker – by a group of hedge funds seeking €1.4 billion in damages. 

A court in Stuttgart, Germany, has dismissed a lawsuit brought against Porsche SE – the investment company that controls the eponymous German carmaker – by a group of hedge funds seeking €1.4 billion in damages.

The hedge funds claimed Porsche mislead the markets back in 2008 over its takeover plans for rival German car brand Volkswagen.

The Piech and Porsche families, who are descendants of Ferdinand Porsche, the carmaker's founder, control Porsche SE.

March 3, 2014

Third-gen Market Basket chief executive Arthur T DeMoulas has suffered a blow in the latest round of the longstanding feud with his cousin Arthur S over the running of the multi-billion-dollar family business – a supermarket chain based in Massachusetts, US.

Third-gen Market Basket chief executive Arthur T DeMoulas has suffered a blow in the latest round of the longstanding feud with his cousin Arthur S over the running of the multi-billion-dollar family business – a supermarket chain based in Massachusetts, US.

Arthur T had argued that a board member, who had voted in favour of a large dividend pay out, was not independent and his votes should be nullified.

Market Basket, founded initially as a small grocery store in 1917, has annual revenues of more than $4 billion and employs 18,000.

February 4, 2014

A €1.8 billion lawsuit filed by seven hedge funds against family business third-gens Wolfgang Porsche and Ferdinand Piëch for alleged market manipulation is without merit, according to Porsche – the family-controlled German car company.

A €1.8 billion lawsuit filed by seven hedge funds against family business third-gens Wolfgang Porsche and Ferdinand Piëch for alleged market manipulation is without merit, according to Porsche – the family-controlled German car company.

The group, including US hedge fund Elliot Associates, has initiated a civil case against the third-gens, grandsons of company founder Ferdinand Porsche, at Frankfurt’s regional court.

December 23, 2013

Swiss family-controlled watch business Swatch has come out on top after a bitter legal dispute with luxury jewellery company Tiffany & Co, winning $449.5 million (€328.6 million) in damages.  

Swiss family-controlled watch business Swatch has come out on top after a bitter legal dispute with luxury jewellery company Tiffany & Co, winning $449.5 million (€328.6 million) in damages.

Swatch, controlled by the Hayek family, filed a claim with the Netherlands Arbitration Institute in 2011 over the termination of a contract between the two companies.

The following year Tiffany, a publicly traded company, filed a counter claim.

December 20, 2013

Billionaire Australian mining tycoon Gina Rinehart has received a cash injection for her AUD$10 billion (€6.5 billion) Roy Hill mining project from the Export-Import Bank of the United States.

Billionaire Australian mining tycoon Gina Rinehart has received a cash injection for her AUD$10 billion (€6.5 billion) Roy Hill mining project from the Export-Import Bank of the United States.

The bank – a federal agency designed to support private enterprises – authorised a $694.4 million (€451 million) loan to the mine in western Australia on the condition Roy Hill buys its equipment from US firms.

December 5, 2013

Walmart’s attempt to make a quick buck off anti-capitalist images by street artist Banksy has backfired, with the artist’s publicist asking to have the items removed.

Walmart’s attempt to make a quick buck off anti-capitalist images by street artist Banksy has backfired, with the artist’s publicist asking to have the items removed.

The retailer, controlled by the Waltons, had been selling canvases and t-shirts bearing the artist’s stenciled images through its website.

One image included a street vendor selling a t-shirt emblazoned with the words ‘Destroy Capitalism’.

November 21, 2013

A number of arrests have been made at Ikea France over allegations the European arm of the Swedish family business hired a security firm to spy on employees and customers using police files.
 

A number of arrests have been made at Ikea France over allegations the European arm of the Swedish family business hired a security firm to spy on employees and customers using police files.

Ikea France is being investigated as a corporate entity, and could be forced to pay compensation to any victims of spying.

Stefan Vanoverbeke, chief executive of the French division of the Swedish flat pack furniture business, along with his predecessor Jean-Louis Baillot, and chief financial officer Dariusz Rychert were arrested on Monday.

November 19, 2013

The British hotelier behind Radisson Blu Edwardian is facing off against his son in court this week, accusing the next-gen of failing to share the family wealth that he helped to build.

The British hotelier behind Radisson Blu Edwardian is facing off against his son in court this week, accusing the next-gen of failing to share the family wealth that he helped to build.

Bal Mohinder Singh, moved into the hotel business, along with his eldest son, Jasminder, shortly after immigrating to the UK in 1973, gradually buying a portfolio of landmark properties, including Savoy Court and the May Fair in central London.

November 19, 2013

A US environmental group has accused family-controlled retail giant Walmart of leaving some of its most polluting activities off its annual sustainability report.

A US environmental group has accused family-controlled retail giant Walmart of leaving some of its most polluting activities off its annual sustainability report.

In 2005, the hypermarket chain, controlled by the Walton family, launched a much-publicised sustainability campaign. It says since then its greenhouse gas emissions have risen only 14%.

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