AutoCanada Inc. and the corporate’s founder and former CEO Patrick Priestner have settled a yearslong authorized battle, with neither occasion admitting wrongdoing or legal responsibility.

The Edmonton-based dealership group launched a $250 million lawsuit towards Priestner in 2019, alleging the previous firm government “breached his fiduciary and different duties to AutoCanada by appropriating company alternatives of AutoCanada to accumulate dealerships privately.”

The go well with revolved round a number of dealerships AutoCanada was not capable of buy on the time due to sure automakers’ prohibition on publicly traded teams buying their shops.

Priestner — who based AutoCanada in 2006, served as CEO till 2014 and as board chairman till 2016 — countered in a 2019 assertion of protection that the dealerships he bought by way of privately held CanadaOne Auto Group have been acquired with the “specific permission” of AutoCanada. He additionally claimed the lawsuit was filed in “unhealthy religion.

Each AutoCanada, which now owns 83 franchised dealerships in Canada and america, and CanadaOne, which owns 29 new-car shops throughout 4 provinces, have continued to broaden over the intervening 4 years.

In a joint assertion Sept. 8, the 2 corporations introduced they’d agreed to resolve the 2019 go well with towards Priestner. They didn’t present full particulars in regards to the settlement, however stated neither occasion will admit wrongdoing or legal responsibility, and that some actual property will change arms as a part of the decision.

AutoCanada will promote two properties on which CanadaOne dealerships are situated to CanadaOne, whereas CanadaOne will amend the leases for 2 properties it owns that home AutoCanada dealerships.

The 2 corporations have additionally agreed to “co-operate on sure industrial issues for one another’s mutual profit.”