Billionaire settles law suit over understated wealth

A Billion Dollars

What's an odd $20bn between friends ?

Saudi Arabian billionaire Prince Alwaleed bin Talal and the Forbes magazine group said they had settled a libel suit over its reporting on his fortune, which he argued was billions of dollars larger than the magazine estimated.

Reuters reports that a brief joint statement on Tuesday said Alwaleed's suit against Forbes and two writers had been settled 'on mutually agreeable terms'. It did not give financial details of the agreement.

Alwaleed, whose Kingdom Holding holds stakes in high-profile Western investments from Twitter to Citigroup, Euro Disney and London's Savoy Hotel, filed a defamation suit against Forbes in London in 2013.

That year Forbes estimated his net worth at $20bn in its widely watched billionaires list. 

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Saudi Prince Alwaleed, Forbes settle libel suit over fortune

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