Belinda Stronach, former Magna International CEO, has filed a countersuit against her father Frank Stronach — the latest episode in a complex and highly expensive family feud.
In October, the elder Stronach filed a 73-page lawsuit against his daughter and other family members for $400 million, claiming they mismanaged the family’s assets and limited his control.
The Canadian family built an empire off manufacturing auto parts. The Stronach Group, a Magna-related company, own prime real estate in California and Florida.
Belinda Stronach is now fighting back, seeking $25 million from her father in damages, Bloomberg reported. The amount includes funds that were “gifted” to her father for his political campaign in his native Austria and a tax settlement with the Austrian government.
In the countersuit, the former CEO says she was trying to prevent her father from “idiosyncratic and often unprofitable projects” that would hurt the family’s fortune. Frank Stronach spent about $850 million on failed “passion projects,” including two bronze statues of a Pegasus horse that cost $55 million, according to statements provided by a vision of The Stronach Group.
The company owns top race tracks such as Santa Anita Park in Arcadia, California; Gulfstream Racing Park and Casino in Hallandale Beach, Florida; and Pimlico in Baltimore. They also own a cattle ranch in Florida. [Bloomberg] – Natalie Hoberman