Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Sunday, September 20, 2020

Billionaire Aldi Family Fortune To Hit German Court As Son Sues Mother For Embezzling Funds: Reports

TheoTheo Albrecht, cofounder of Aldi supermarket, passed away in 2010 and was ranked the 31st richest person in the world that same year. Albrecht's grandson Nicolay Albrecht has accused his mother Babette Albrecht and his three sisters of embezzling money from the trust. 

Nicolay Albrecht has has brought the action to a German court where the family members will argue over the fortune. Nicolay alleges that his mother and sisters have withdrew millions from a family trust that holds the family fortune. 

Nicolay's father, Berthold Albrecht was the beneficiary of the trust before his death in 2012. Babette is the widow of Berthold. 

"The conflict, which has been through many chapters, pits the cost-conscious elders who built Aldi against the younger generation who inherited the wealth."

Berthold's brother, Theo Jr., has already accused Babette and her children of "helping themselves to the assets" in the past. An alleged $88 million had already been withdrawn from the foundation in 2013, 2014, and 2015.

It appears that the elder generation felt that the younger, money-hungry generation, is disrupting the philosophy that the Albrecht family founded its success on. 

See David Dawkins, Billionaire Aldi Family Fortune To Hit German Court As Son Sues Mother For Embezzling Funds: Reports, Forbes, September 20, 2020. 

Special thanks to Laura Galvan (Attorney, San Antonio, Texas) for bringing this article to my attention.  

https://lawprofessors.typepad.com/trusts_estates_prof/2020/09/billionaire-aldi-family-fortune-to-hit-german-court-as-son-sues-mother-for-embezzling-funds-reports.html

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