It reads like a scene out of King Lear: the usurped old father raging that he’s been cheated by his daughter. But this isn’t a Shakespearean tragedy. This is the latest instalment of the all too common family feuds of the rich and famous, this one starring 86-year-old Magna International founder Frank Stronach and his […]
A lawsuit by business magnate Frank Stronach that seeks $520 million in compensation and damages against his daughter, two grandchildren and others has laid bare a two-year-old dispute about control and direction of the family firm.
Auto-parts tycoon Frank Stronach, founder of Magna International Inc., is suing his daughter Balinda Stronach, a former MP, for $520 million, alleging that she froze him out of the business he built and mismanaged the family fortune.
An internal family struggle for control got considerably uglier when Frank Stronach, founder and honorary chairman of Stronach Group, filed suit against his daughter Belinda Stronach, chairman and president, alleging she has mismanaged the family assets and trust funds and pushed him out of any...