Stronach civil case lawsuit settled out of court, says company

TheStronachGroup 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, BelindaStronach, announced the settlement in a statement issued Wednesday afternoon.

In the statement, BelindaStronachsays 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 SelenaStronachin 2019 alleged BelindaStronach the company's chairwoman, chief executive officer and president and others had mismanaged the trusts holding the family's assets for their own benefit.

Hearing on sexual assault charges scheduled for October

In July, SelenaStronachfiled a motion seeking to compel the companyto 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.

FrankStronachhas 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.

WATCH | Stronach denies charges:

Frank Stronach says his accusers are motivated by money

1 month ago

Duration 3:17

WARNING: Video contains distressing details | As a woman accusing Frank Stronach of rape publicly details her allegations, the billionaire businessman speaks for the first time to CBCs The Fifth Estate. Stronach says he has nothing to hide and that his accusers are after his money.