The legal dispute between Frank Stronach’s son and granddaughter regarding the management of the family business’s wealth has been resolved outside of court, according to The Stronach Group.
The company, led by Belinda Stronach, Frank Stronach’s daughter, announced the settlement in a statement released on Wednesday afternoon.
Belinda Stronach expressed her satisfaction with the resolution of the lawsuit initiated by her brother and niece and stated her eagerness to move forward as a company and as a family.
The terms of the agreement are confidential, and both parties have agreed not to make any further comments.
The lawsuit, filed by Andrew and Selena Stronach in 2019, accused Belinda Stronach, the company’s chairwoman, CEO, and president, along with others, of mismanaging the family’s assets for their own benefit.
In July, Selena Stronach requested the company to disclose any documents related to allegations of sexual misconduct against her grandfather, as well as any settlements involving the accusers.
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An Ontario court recently dismissed her request, stating that there was no evidence supporting the existence of such documents.
Frank Stronach is facing multiple charges of sexual assault spanning from 1977 to the present year, involving 10 accusers.
In an interview with CBC, the 91-year-old entrepreneur refuted the allegations and attributed the legal actions against him to financial motives by the accusers.
A hearing for the case is scheduled for early October.
