Shipping tycoon Manfredi Lefebvre d’Ovidio won a key ruling that may end a family feud hanging over his fortune for years.
A judge in Bologna, Italy, ruled in favor of the Monaco-based billionaire in an appeal case brought by his brother Francesco, who had claimed he was the rightful owner of about half of a family holding company.
That company owned Silversea Cruises, which under Manfredi’s watch became a leading brand in ultraluxury cruises. Royal Caribbean Cruises Ltd. bought a majority stake in Silversea in 2018, valuing it at $2 billion.
“I hope this ruling will end this sad family feud for good,” Manfredi said in a statement. Meanwhile, Francesco’s lawyer, Salvatore Patti, said he and his client will review the judgment and “consider whether to appeal again” to the country’s highest court.
The dispute between the brothers began more than 20 years ago when, according to claims made in court documents, their father, Antonio, decided to put the siblings’ holdings into a family trust.
Francesco eventually went to court against the rest of the family, arguing that the delivery of the shares of the holding company didn’t go through as planned.
The Bologna appeal court, which was asked to review the case by Italy’s highest court, found no issues with the first ruling it made in 2012.