lawsuit

An estranged son who was due to face off against his father in an Indian court next month over the ownership of the multi-billion dollar family business has now been revealed as the sole heir to the business in his father’s will.

In a civil lawsuit that had been ongoing since 2012, Sandeep Raheja was accused by his father, Gopal, of trying to take control of the real estate developer business GL Raheja Group.

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.

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.

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).