The Hermès heir Nicolas Puech has filed a lawsuit against Bernard Arnault, the LVMH group, and several other parties, seeking billions of euros in compensation for Hermès shares he claims were taken from him, according to excerpts of the summons reviewed by Reuters.

This filing marks the first known legal action by 82-year-old Nicolas Puech directly targeting Bernard Arnault and LVMH, who amassed a 23% stake in Hermès in the early 2000s, sparking one of the most notable showdowns in French stock market history.

Nicolas Puech alleges that his Hermès shares changed hands without his knowledge years ago--a claim Reuters has not been able to verify.

The Hermès heir declined to comment through a spokesperson. His French lawyer, Frédéric Mengès, also refused to comment, citing ongoing proceedings.

The lawsuit, filed by his lawyer Frédéric Mengès with the 9th civil chamber of the Paris judicial court on May 15, estimates the current value of the six million Hermès shares he claims were taken from him at around EUR14 billion, according to excerpts of the document, which has not been made public.

The first hearing in the civil case took place on November 20, as first reported by the daily Libération, a date confirmed in the document.

Reuters has reviewed Nicolas Puech's legal claims in the case and the full list of defendants already named in the civil action.

Bernard Arnault and LVMH did not respond to multiple requests for comment from Reuters sent via their lawyers and representatives.

CRIMINAL ACTION FOR BREACH OF TRUST

The civil suit states that Nicolas Puech, great-grandson of Thierry Hermès, founder of the group in 1837, reserves the right to claim damages for the value of the six million Hermès shares from "whichever of the defendants in this case is criminally convicted for the offenses cited in his incidental civil party claim" in a separate criminal investigation into the alleged disappearance of his fortune, according to excerpts of the document seen by Reuters.

In early 2024, Nicolas Puech initiated criminal proceedings in France for breach of trust, accusing Eric Freymond, his former wealth manager, of misappropriating his assets, according to L'Express magazine. Eric Freymond died near his home in Switzerland in July.

The Paris public prosecutor's office confirmed that the criminal investigation remains open, and that only Eric Freymond had been indicted at this stage.

Also named in the lawsuit are Bernard Arnault's family holding companies, Agache and Financière Agache, as well as Eric Freymond. Two Swiss companies formerly linked to Freymond, Semper SA and Phidias Gestion, are also named as defendants.

The two family holdings of Bernard Arnault did not respond to Reuters' requests for comment.

Neither Semper nor Phidias Gestion, nor their lawyers, responded to requests for comment.

LEGAL SHOWDOWN

This civil action marks a new chapter in a legal battle that has been ongoing for several years between Nicolas Puech and his former wealth manager, whom he accuses of depriving him of his Hermès shares while lying about their fate.

In a rare interview, Nicolas Puech told L'Express that he was unaware Eric Freymond was quietly selling Hermès shares in his name for the benefit of Bernard Arnault.

Bernard Arnault has always denied seeking to take control of Hermès, one of the world's most valuable luxury brands and a direct rival of Louis Vuitton, LVMH's flagship label.

In 2013, the French financial markets authority (AMF) fined LVMH EUR8 million for failing to properly declare its stake-building in Hermès. LVMH called the sanction and its basis "unfounded" at the time.

The Paris prosecutor's office stated that neither Bernard Arnault nor his companies have been indicted or placed under assisted witness status in the criminal proceedings initiated by Puech.

Nicolas Puech's Swiss lawyers, Grégoire Mangeat and Fanny Margairaz, said they could not comment specifically on the French proceedings. "We are in the process of establishing the facts, uncovering absolutely all fraudulent misappropriations, and tracking down every perpetrator," they said in a statement.

Nicolas Puech has long been one of Hermès' largest individual shareholders. Unlike most other members of the extended family, he did not join the holding company created in 2011 to shield the group from hostile takeovers.

(Reporting by Tassilo Hummel and Juliette Jabkhiro, edited by Kate Entringer)

By Tassilo Hummel and Juliette Jabkhiro