Palumbo Family Feud Over Money

Lord Palumbo of Walbrook has been arguing with his children about money for a quarter of a century. In the last courtroom brawl fifteen years ago, Palumbo’s three children from his first marriage claimed that Palumbo had improperly spent money from a £70m family trust set up by his own father.

Palumbo’s children’s latest claim alleges that Palumbo has been lying about missing trust property which he actually sold and used the proceeds for himself. His children claim the original trust agreement does not give Palumbo the right to dispose of the items. They want him removed as trustee and to conduct an accounting of the trust assets.

See Mark Hollingsworth and Caroline Davies, Palumbo Children Accuse Father of Extravagance as Family Feud Resumes, guardian.co.uk, July 27, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.