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Why Magna owner Frank Stronach is suing his family

TORONTO — The owner of Canada’s largest automotive tools retailer is suing his daughter, dual grandchildren and others for allegedly mismanaging a family’s resources and trust funds, according to reports in a Canadian Press and other news outlets.

Magna International’s owner and longtime former CEO Frank Stronach and his wife, Elfriede, launched a lawsuit in Ontario Superior Court and described a movement as a final resort, a reports said.

In a matter on Wednesday, Stronach, 86, pronounced “considerable efforts” were done in new years to settle a matter.

Thoroughbred Daily News reported a integrate have indicted Belinda Stronach, a authority and boss of The Stronach Group that runs equine racetracks around a world, of conspiring by “unlawful actions” opposite a best interests of other members of a Stronach family.

The fit seeks some-more than C$500 million ($383 million) in damages, a news said.

Belinda Stronach denied a allegations.

“Family relations within a business can be challenging,” she pronounced in a matter Wednesday night, a news said.

“My children and we adore my father. However, his allegations are wrong and we will be responding rigourously to a matter of explain in a normal march of a justice process.”

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