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September 13, 2013

Distant relatives of an American copper heiress are challenging the validity of her will, which deliberately denies them a slice of her $300 million fortune.

 

Distant relatives of an American copper heiress are challenging the validity of her will, which deliberately denies them a slice of her $300 million (€234.4 million) fortune.

Huguette Clark, the reclusive youngest daughter of copper magnate and US senator William Clark, died in 2011 at the age of 104.

September 4, 2013

A butler who secretly recorded private conversations between aging L’Oreal heiress Liliane Bettencourt and her lawyers, financial advisers and various politicians will stand trial, along with five journalists who published the tapes’ contents, for breaching French privacy laws.

A butler who secretly recorded private conversations between aging L’Oreal heiress Liliane Bettencourt and her lawyers, financial advisers and various politicians will stand trial, along with five journalists who published the tapes’ contents, for breaching French privacy laws.

Bettencourt's now former butler Pascal Bonnefoy created the tapes over a 12-month period between 2009 and 2010 by placing a hidden recording device in the drawing room of Bettencourt's mansion in suburban Paris.

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.

August 16, 2013

The US Securities and Exchange Commission has barred a former media baron from holding a directorship in any US company following his conviction for fraud.
 

The US Securities and Exchange Commission has barred a former media baron from holding a directorship in any US company following his conviction for fraud.

The decision against Canadian-born Conrad Black, the former chief executive of the now-defunct Hollinger International, was announced yesterday.

He must also pay $4.1 million (€3.1 million) compensation to Chicago Newspaper Liquidation Corp – a company formed of many of Hollinger's divested assets.

July 19, 2013

The chief executive of Market Basket will remain head of the family business for now, despite a marathon board meeting on Thursday where his cousin attempted to oust him from the role.
 

The chief executive of Market Basket will remain head of the family business for now, despite a marathon board meeting on Thursday where his cousin attempted to oust him from the role.

The US-based chain of supermarkets was ordered by the courts to hold a board meeting following their long-running disputes, with some board members stating incumbent president, Arthur T DeMoulas, was spending money recklessly and ignoring the advice of the board.

July 18, 2013

The family head of CJ Group, one of South Korea's largest chaebols, was indicted today for tax evasion and embezzlement.

The family head of CJ Group, one of South Korea's largest chaebols, was indicted today for tax evasion and embezzlement.

Third-generation chairman of the food, pharmaceuticals and biotechnology group Lee Jay-hyun, 53, was accused of dodging 54.6 billion won (€37 million) in taxes, and of creaming off 96.3 billion won in company assets to fill a personal slush fund.

July 11, 2013

Many North American clothing brands that refused to sign a union-backed safety agreement following April’s factory disaster in Bangladesh, have now formed their own alliance to improve worker safety in the country.

Many North American clothing brands that refused to sign a union-backed safety agreement following April’s factory disaster in Bangladesh, have now formed their own alliance to improve worker safety in the country.

July 2, 2013

LVMH has been fined €8 million by the French financial regulator for the clandestine stake it built up in rival luxury family business Hermes – the largest fine ever issued by the Autorite des Marches Financiers.

LVMH has been fined €8 million by the French financial regulator for the clandestine stake it built up in rival luxury family business Hermes – the largest fine ever issued by the Autorite des Marches Financiers.

The AMF enforcement committee said it made the ruling after considering the "seriousness of the successive breaches of public disclosure requirements, which consisted [of] concealing each stage of LVMH's stake-building in Hermes".

June 21, 2013

Lakshmi Mittal – head of family steel firm ArcelorMittal – has fought back against a businessman who bought website domain names in his name and offered them back to the UK-based billionaire at a hefty £6 million price tag.

Lakshmi Mittal – head of family steel firm ArcelorMittal – has fought back against a businessman who bought website domain names in his name and offered them back to the UK-based billionaire at a hefty £6 million price tag.

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