Here's your Forbes Daily Briefing for Monday, November 24th. Today on Forbes, American billionaire

sues Taiwan relatives over his legendary father, Y.C. Wong's trust. The bitter family

feud among the heirs of the late Taiwanese billionaire Y.C. Wang entered a new chapter last week when his youngest son,

Walter Wong, sued his half-siblings and cousins, alleging that, quote, billions of assets

were being mismanaged. Walter, who built his $2.1 billion fortune as the CEO of J.M. Eagle,

a California-based manufacturer of plastic pipes,

filed a, quote, Action of Reformation, requesting that the District of Columbia Superior Court

amends the trust to accurately reflect the intentions of his late father,

one of Taiwan's most revered entrepreneurs.

Together with his brother, Yang Sai, Y.C. Wong co-founded Formosa plastics in 1954,

and built it into one of Asia's largest petrochemical manufacturers.

At the time of his death at age 91 in 2008, Y.C. Wong was worth $6.8 billion.

In the lawsuit, Walter Wong contends that his father and uncle set up the trust to carry out their philanthropic vision, help the family achieve, quote,

unity, and ensure the long-term competitiveness of the U.S. business. That hasn't happened under the

four relatives, according to the lawsuit, which alleges they were only put in charge of the trust.S. business. That hasn't happened under the four relatives, according to the lawsuit,

which alleges they were only put in charge of the trust on a, quote, temporary transitional basis.

According to the complaint, the charitable giving through the New Mighty Foundation has slowed to a

crawl. An analysis of the Foundation's 990s shows that the trust transferred a total of

$232 million to the Foundation between 2007 and 2008, when YC was still alive, and doled

out $48 million during that time to promote multicultural awareness and goodwill between

American and Asian cultures, as well as to

fund scientific research and health care. Since then, no money has moved from the trust to the

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