The battle for control of the Lopez empire has taken a courtroom twist. 

Businessman Federico “Piki” Lopez is fighting back against his cousins, led by Eugenio “Gabby” Lopez III, after they ousted him as president of Lopez Inc., the ultimate holding company of the Lopez business empire.

Piki filed a complaint with the Mandaluyong City Regional Trial Court, calling his removal during a 27 February board meeting “illegal” and demanding reinstatement. 

The court quickly intervened: on 11 March, it issued a three-day temporary restraining order halting Gabby and his allies from pushing him out, later extending the Temporary Restraining Order until 1 April.

“At this stage of the proceedings, the court is satisfied that the circumstances justify the provisional protection of plaintiff’s [Piki’s] asserted right, subject to the posting of an injunction bond,” the court said.

The drama escalated on 26 March when the court slapped the cousins with a preliminary injunction, barring them from replacing Piki while the case is pending. 

Piki alleges the move was personal: his cousins installed Gabby’s younger brother Rafael, or “Raffy,” to punish him for refusing to funnel P2 billion in reserve funds from Lopez Inc. into ABS-CBN.

The respondents include Gabby, Raffy, Martin or “Mark,” chairman of ABS-CBN, Mark’s brother Miguel Ernesto or “Mike,” and cousin Maria Eugenia P. Brown. 

The seven-member Lopez Inc. board voted to oust Piki despite his and his brother Benjamin’s, or Jay’s, objections.

Court records show the brothers had earlier opposed using the holding company’s reserves for ABS-CBN, citing “unresolved audit findings” and concerns that the funds would be diverted to executive payouts rather than addressing the media giant’s mounting losses.

To recall, ABS-CBN narrowed its consolidated net loss to P2.24 billion in the first nine months of 2025, a 13 percent improvement from the same period last year, signaling that its pivot toward digital and content-driven revenue started to pay off.

Lopez Inc., the ultimate parent of Lopez Holdings Corp., First Philippine Holdings Corp., First Gen Corporation, and Energy Development Corporation, is central to the sprawling Lopez Group.