A legal struggle over Rupert Murdoch’s inheritance while he is still alive

Billionaire Rupert Murdoch lost his bid to control an inheritance while he was still alive, by refusing to change his family trust and dividing his media empire so that it would be controlled by his eldest son, Lachlan, the American newspaper “New York Times” reported, citing a sealed court document.

Murdoch’s attempts to support his son failed

The New York Times said that Nevada State Commissioner Edmund Gorman concluded in his decision that Rupert Murdoch and his eldest son, Lachlan, who heads Fox News, acted in “bad faith” in their efforts to amend the irrevocable trust.
The court notes that Gorman issued a recommendation not to amend the terms of the inheritance, but the document is not available to the public.
Control of the company is currently set to be divided equally between Rupert Murdoch’s four eldest children, Lachlan, James, Elizabeth and Prudence, after his death.

Modification of the Murdoch family fund

Rupert Murdoch proposed amending the family trust to strengthen Lachlan’s leadership of the family’s media empire after his death and prevent any interference by three of Lachlan’s politically moderate brothers, the New York Times reported.

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Under one scenario, three of the heirs might technically outvote the fourth, setting up a battle over the future of the media while Lachlan Murdoch runs Fox and serves as sole chairman of News Corp.
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In his opinion, Gorman said the plan to change the trust was a “carefully choreographed farce” aimed at “permanently entrenching Lachlan Murdoch’s executive roles” within the empire “regardless of the effects such control might have on the companies or beneficiaries” of the family trust, it said. The newspaper.

Murdoch’s disappointment

Rupert Murdoch’s lawyer, Adam Streisand, said he was disappointed with the ruling and planned to appeal, the New York Times reported.
The commissioner’s decision is subject to the approval of the district judge, whose decision can be appealed in court.
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It is worth noting that the fund was established in the state of Nevada, which is famous for its strict confidentiality rules.

Siblings statement

Lachlan’s siblings James, Elizabeth and Prudence issued a joint statement expressing their hope that the family would focus on mending relationships.
“We welcome Commissioner Gorman’s decision and hope that we can move beyond this lawsuit to focus on strengthening and rebuilding relationships between all family members,” the siblings said.

Who is Rupert Murdoch?

Murdoch, born on March 11, 1931, is an Australian-born American business magnate and investor through his company, News Corp, which owns hundreds of local and international websites and media outlets for publishing around the world.
His net worth is estimated at more than 22 billion US dollars, and Murdoch is considered one of the richest people in the United States, and one of the richest people in the world as well, according to Forbes magazine.