TORONTO — The Stronach Group says a lawsuit filed by Frank Stronach's son and granddaughter over management of the family business's wealth has been settled out of court.
The company headed by Frank Stronach's daughter, Belinda Stronach, announced the settlement in a statement issued Wednesday afternoon.
In the statement, Belinda Stronach says she is "very pleased" the litigation launched by her brother and niece has been resolved, and she looks forward to moving forward as a company and family.
The statement says the terms of the deal are confidential and the parties won't be commenting further.
The lawsuit launched by Andrew and Selena Stronach in 2019 alleged Belinda Stronach — the company's chairwoman, chief executive officer and president — and others had mismanaged the trusts holding the family's assets for their own benefit.
In July, Selena Stronach filed a motion seeking to compel the company to to disclose any documents that might exist related to complaints of sexual misconduct against her grandfather as well as any settlements involving complainants.
An Ontario court rejected her bid last month, finding there was no evidence to suggest any such documents exist.
Frank Stronach has been charged with sexually assaulting 10 complainants over a period of time starting in 1977 to earlier this year.
In an interview with the CBC, the 91-year-old billionaire businessman denied wrongdoing and claimed his accusers are pursuing the cases against him for financial reasons.
A hearing in the case is scheduled for early October.
This report by The Canadian Press was first published Sept. 4, 2024.
The Canadian Press
