The company, headed by Frank Stronach’s daughter, Belinda Stronach, announced the agreement in a statement released Wednesday afternoon.
In the statement, Belinda Stronach said she is “overjoyed” that the lawsuit filed by her brother and niece has been resolved, and she looks forward to moving forward as a company and a family.
The statement said the terms of the deal are confidential and both parties will not comment further.
The lawsuit, filed in 2019 by Andrew and Selena Stronach, alleged that Belinda Stronach – the company’s chairman, chief executive officer and president – and others had mismanaged trusts holding the family’s assets for their own benefit.
In July, Selena Stronach filed a motion seeking to force the company to disclose any documents related to sexual misconduct complaints against her grandfather, as well as any settlements reached with the complainants.
Last month, an Ontario court rejected his petition, saying there was no evidence that any such documents existed.
Frank Stronach has been accused of sexually assaulting 10 complainants over a period spanning from 1977 to earlier this year.
In an interview with CBC, the 91-year-old billionaire businessman denied any wrongdoing and claimed his accusers were pursuing the case against him for financial reasons.
A hearing on the case is scheduled for early October.