13:44:06 EST Wed 04 Dec 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 287,327,745
Close 2024-09-05 C$ 54.70
Market Cap C$ 15,716,827,652
Recent Sedar Documents

Globe says Magna heirs resolve five-year court battle

2024-09-05 07:24 ET - In the News

The Globe and Mail reports in its Thursday, Sept. 5, edition that the Stronachs have settled a five-year court battle over alleged mismanagement of the family fortune. The Globe's Robyn Doolittle writes that the Stronach Group announced on Wednesday that lawsuits filed by Selena Stronach and Andrew Stronach, the granddaughter and son of patriarch Frank Stronach, have been resolved in a confidential settlement. In 2019, the pair sued Belinda Stronach, her children, former Stronach executive Alon Ossip, and the family business, alleging that the Stronach wealth was not being distributed evenly. In announcing the settlement, the Stronach Group stated that Belinda Stronach will continue as chairman, chief executive officer and president of the company. The settlement comes months after police arrested Frank Stronach, who faces 13 criminal charges, including rape, forcible confinement and sexual assault. This summer, as part of the litigation, Selena Stronach asked the court to order the family business to produce copies of any legal settlements and human resources complaints relating to allegations of sexual impropriety involving Frank Stronach. Last month, a judge denied that request.

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