Joseph Safra's son sued his mother and brothers over the family bank, alleging his father had been influenced to change his will, and settled in 2024

Jacob Safra founded the family bank, and his son Joseph took it over in 1955 and ran it with his brothers Edmond and Moise. Edmond died in 1999, and Joseph bought out Moise in 2006. Joseph died in December 2020, aged 82. In August 2021 his son Alberto challenged the will in a New York court. He alleged that his father, who had Parkinson's disease in his last years, was influenced to change the will in 2019 and that the changes cut him out. He also sued his mother, Vicky, and his brothers Jacob and David in the New York Supreme Court, alleging corporate misconduct that reduced his stake in the family holding company. The mother and brothers, as Brazil Journal reported, said Alberto left Banco Safra after receiving an advance on his inheritance and that Joseph disinherited him after he refused to change his plans. No court ruled on either side's claims. On 19 July 2024 the family announced a settlement. In a statement published by the bank, Alberto said he had concluded there were no irregularities and that the estate was distributed according to his father's wishes. He agreed to sell all his interests in the J. Safra Group and to run his own asset manager, ASA, and all court and arbitration proceedings in every jurisdiction were to end. The terms were not disclosed. Forbes ranked Vicky Safra and her children 98th in the world that day, with 19.1 billion dollars.