The heir to the French luxury group Hermès, and a fifth-generation descendant of fashion designer Thierry Hermès, claims before the French justice system giant LVMH and its CEO Bernard Arnault, Compensation of approximately 14 thousand million euros because it is considered that he was deprived of his shares In a takeover attempt fifteen years ago. Nicolas Bosch, 82, launched this civil action against LVMH and Arnault, 76, who managed to accumulate a 23% stake in Hermès in one of the biggest duels between French companies, according to local media.
The lawsuit led to a hearing on November 20 in the Paris judicial court, which was first reported by the newspaper. release around LVMH’s process to take control of Hermes in 2010. The attempt ended in failure and with a fine of eight million euros, the first imposed by the Financial Markets Authority (AMF) for concealing information about the market.
Puech, who owned a collection of six million Hermès titles, Its management was delegated to a financial advisor for twenty years. Eric Fremond, who was sued in December 2023, accused of abusing his trust. Specifically, he blamed the financial adviser, who died in July, for secretly transferring his securities, now worth around €14 billion, to LVMH through a series of schemes.
His lawsuit is now directed against the head of LVMH, who has always stated that he had no knowledge that these securities had been stolen from their owner. The truth is that after the stock market battle and reaching an agreement with Hermes, He resold it and then received a capital gain of €3.8 billion.
LVMH Group issued a statement He denied transferring his shares from Hermès International and holding any “hidden” securities.“, while reserving its right to resort to court to “enforce its rights.” The French luxury goods giant considered itself the victim of a “clearly orchestrated press campaign” and accused some of the information that recently appeared about its entry into the Hermes capital more than fifteen years ago of being “unfounded.”
Bush was accused of going to French justice after suffering numerous judicial setbacks in Switzerland. The group remembers this LVMH and Hermès reached an agreement in September 2014 She was protected by the Paris Commercial Court and the charges against her were dismissed by two investigating judges the following year.