Rich Family Feud: Sister Claims Brother Tricked Her Into Letting Him Start A Hedge Fund With Their Trust Fund

Southern Mansion

Photo: AP

Marguerite grey and Raymond Harbert finally settled a dispute over the family fortune on Thursday.grey’s 2006 lawsuit, according to the Birmingham News, claimed that her brother, Raymond, started a hedge fund that was “unjustly enriched” by the family fortune.

(Their father, John Harbert III, formed Harbert Corp., a construction company, in 1949. When he died, he left his family over $1 billion.)

grey says her brother froze her out of business meetings at Harbert Corp., even though they both sat on the board of the lending company.

Presumably, Raymond used these meetings to grant loans to his hedge fund, Harbert Management, which now has $2.7 billion under management.

grey’s claim said that her brother then sneakily tricked her into signing documents that required her signature.

Adding to the mystery here is an John Harbert, the third sibling. Court documents were filed seeking to exclude any open court discussion of his “mental condition or mental capacity.”

Anyway, after four years, the court case is finally over. The warring siblings settled out of court.

Read the full story in the Birmingham News >

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