Billionaire Family Feud Widens as Son Sues Sister

One of Canada’s richest family’s drama and intrigue thickens. Former Magna International Inc. Chief Executive Officer Belinda Stronach is now being sued by her brother Andrew, claiming that he has lost faith in her and that she should be removed from a family trust. Andrew wants her to be replaced by their billionaire father, who is also suing Belinda at a tune of $520 million Canadian dollars.

Both disputes arise from Belinda handling of the family trusts after her father, Frank Stronach, handed over control of them to pursue politics in his native country of Austria. The latest suit, filed November 1, claims Belinda and trustees “have undertaken a number of improvident and costly investments that have resulted in significant losses.” The lawsuit also alleges that Andrew was not giving proper accounting of the trust. “To date, Andrew’s proper and reasonable requests for information have been ignored, or only partially answered after lengthy delays and following repeated requests for disclosure,” according to documents filed with the Ontario Superior Court.

“The filing on behalf of my brother is an extension of my father’s legal pursuit against me and my children, and the allegations remain just as untrue,” Belinda Stronach said in a statement Monday. “We will be responding formally in due course. It saddens me greatly that we have reached this juncture in our family.” A spokesperson said that both claims were completely without merit.

See Doug Alexander & Fredric Tomesco, Billionaire Family Feud Widens as Son Sues Sister, Financial Advisor, November 8, 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.