June 29, 2018 / 6:11 AM / a year ago

Rothschild firms sign deal to end dispute, unwind cross-shareholdings

PARIS (Reuters) - Two key parts of the historic Rothschild family financial group said they had decided to end a previous legal dispute and would unwind their cross-shareholdings, ending an internal spat over branding.

The Edmond de Rothschild firm had started legal action against the Rothschild & Co arm over the matter, but those two parties said they had since agreed to resolve the dispute.

“The two groups have also agreed to work together to protect the family name in the banking sector,” the two firms said in a joint statement.

“They are thereby putting a definitive end to the litigation between them, before the Tribunal de Grande Instance in Paris. In addition, the two groups will unwind all of their cross-shareholdings,” they added.

Earlier this year, Alexandre de Rothschild replaced his father David as chairman of the family-controlled Rothschild & Co investment bank, maintaining a dynasty founded more than 200 years ago by Mayer Amschel Rothschild.

The Rothschilds, whose five arrows motif stems from the family’s roots in Austrian nobility, have worked on some of the biggest deals in history, including helping finance Britain’s war against French military leader Napoleon.

Reporting by Sudip Kar-Gupta; Editing by Michel Rose

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