After months of legal battles, the lawsuit over the management of The Stronach Group’s wealth has been settled out of court, the company announced on Tuesday.
The lawsuit, which was filed by Belinda Stronach, the daughter of the company’s founder Frank Stronach, alleged that her father had mismanaged the family’s assets and used company funds for personal expenses.
In a statement, The Stronach Group stated that the settlement was reached through mediation and that both parties have agreed to keep the details of the agreement confidential.
“We are pleased to have reached a resolution in this matter and look forward to moving forward as a united family,” the statement read.
The Stronach Group, which owns and operates several racetracks and horse racing facilities, has been embroiled in a public feud between Belinda and her father since 2018.
Belinda, who was once the company’s CEO, stepped down from her position in 2019 and filed the lawsuit shortly after.
The settlement brings an end to the legal battle and allows the company to focus on its operations and future plans.
The Stronach Group has not disclosed any details about the terms of the settlement, but it is believed that both parties have come to a mutual agreement.
This news comes as a relief to investors and stakeholders of The Stronach Group, who have been closely following the developments of the lawsuit.
With the settlement now in place, the company can move forward with its business ventures and continue to be a leader in the horse racing industry.
The Stronach Group has not made any further comments on the matter, and it is expected that both parties will maintain their privacy regarding the details of the settlement.
This resolution marks the end of a tumultuous chapter for The Stronach Group and its founders, and it is hoped that the company can now focus on its future growth and success.
