Posted February 16, 2019 07:57:54With a $1.8 trillion fortune and a vast network of trusts, it’s no wonder that Andrew Carnegie is so well-known among the world’s wealthiest people.
But the Carnegie family’s vast fortune has also brought them a host of ethical quandaries.
In 2014, Carnegie’s foundation was named one of the world the “most generous” in philanthropy, by the World Philanthropy Awards.
The Carnegie family also ranked second to China’s Shandong province, with a $7.2 billion endowment, according to the Global Giving Index.
Yet despite their charitable contributions, the Carnegies are still being sued over alleged conflicts of interest.
The Pittsburgh Post-Gazette recently reported that Carnegie, 87, and his son John, 77, have been sued over a dispute over a $2.5 billion donation from a Chinese company that owns and manages the Carnegie Mellon University Medical Center in Pittsburgh.
The lawsuit, filed in March, alleges that Carnegie and his brother, John, have failed to disclose the donations to the federal government and have not disclosed conflicts of interests to regulators.
John and Andrew are the current directors of the Carnegie Foundation.
In a statement, Andrew Carnegie called the lawsuit “false and ridiculous” and said his foundation has not taken a position on the legal proceedings.
The brothers have denied the allegations and have said they are fully cooperating with the investigation.
They have not yet responded to requests for comment.
The case was filed in the U.S. District Court for the Northern District of Pennsylvania.
The Associated Press contributed to this report.