ALL-DI news that’s fit to print — The ALDI Family Feud escalated!
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Last April I told you about this crazy soap-opera-ish family feud going on with the Albrecht family, AKA the ALDI clan. Well.. here’s the update! (Because we’re due some ALDI celebrity gossip to break up another long socially distant weekend, don’t you think?)
The Albrecht family feud is escalating
So, much of the ongoing family fight stems from the accusation that one segment of the family has been siphoning off funds to finance their lavish (non-ALDI-frugal) lifestyles.
ALDI co-founder Theo Albrecht’s grandson, Nicolay Albrecht, recently filed a criminal complaint in a German court against his mother Babette and three of his sisters. He accuses them of embezzling funds and cashing out millions of euros from a family trust.
The criminal complaint was reportedly filed in August by Nicolay, who alleges a breach of trust of one of the family’s famously complex trusts which hold the inherited shares to Theo’s Aldi Nord group. Nicolay’s mother, Babette, is the widow of Berthold Albrecht. Berthold’s father Theo Albrecht died in 2010, leaving an estimated $16.7 billion fortune to his sons Theo Jr. and Berthold, who died in 2012. The fortune, under the stewardship of Theo Albrecht Jr, has since risen to $21.2 billion, Forbes estimates.
Forbes, Sept 2020
The ALDI Nord group is the company that owns Trader Joe’s in the U.S., while ALDI Süd operates U.S. ALDI stores.
Money money money — money!
The family has been feuding since Theo Albrecht’s son Berthold’s death in 2012. His will specified limits on family members’ presence on, and control over, the boards of the foundations that hold the family’s capital in trust. This only escalated in 2018, when Theo Albrecht Senior’s wife Cäcilie Albrecht died. Her will accused Babette and other heirs of taking advantage of these funds to live lavish lifestyles (not in keeping with the frugal wishes and lifestyles of ALDI’s founders), and barred Babette and her children from roles in the firm.
The main argument in the current lawsuit is that Babette and her daughters haven’t reduced their family presence on the board controlling one of these foundations, despite being required to do so after losing last year’s lawsuit. Instead, they’ve continued controlling the board — and paying themselves tens of millions of euros out of the trust.
Read more on the latest ALDI lawsuit
More details:
- Son sues mother for embezzlement as ALDI heirs’ feud escalates
- Billionaire ALDI family fortune to hit German court as son sues mother for embezzling funds
- An heir to the ALDI and Trader Joe’s empire has sued his mother and sisters
Who knew there was so much drama swirling around your favorite budget grocery chain? Although, I guess any time there’s money involved…