French prosecutors have placed Swiss lawyer Alexandre Montavon under formal investigation for his alleged role in misappropriating Hermès shares for LVMH’s benefit over a decade ago. Montavon is suspected of acting as administrator of an offshore company, Dilico, used to transfer Hermès shares to banks linked to LVMH. The case follows LVMH’s 2010 disclosure of a stake in Hermès. LVMH has denied wrongdoing, while Hermès heir Nicolas Puech claims he was deprived of shares now worth over 10 billion euros ($10.9 billion). France’s market watchdog fined LVMH 8 million euros ($8.72 million) in 2013 for improper disclosure of its stake-building.

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