WICHITA, Kan. -- Four brothers have ended their 3-year-old family feud over ownership of Koch Industries, a multibillion-dollar energy, transportation, cattle and real estate conglomerate, officials said Tuesday.
William Koch, of Boston, and brother Frederick Koch, of New York City, have sold all their stock in Koch Industries to the company, a Koch Industries' executive vice president said.
Purchase price was not revealed.
Koch Industries Chairman Charles Koch, of Wichita, and William's twin brother, David, of New York City, remain on the company's board of directors. William resigned as did the representative of Frederick, according to Don Cordes, executive vice president for legal and corporate affairs.
William, Charles, Frederick and David are sons of the late Fred Chase Koch, founder of the company.
William filed suit against Charles and David last October, claiming they maintained control of the company during a 1980 power struggle by illegally shifting stock. Koch Industries stockholder Ann A. Linn, of Oklahoma City, and her family-owned Rocket Oil Co., of Purcell, Okla., also were plaintiffs in the suit.
Frederick was not involved in legal proceedings.
Stock in Koch Industries owned by Rocket Oil Co. and some other stockholders also has been purchased by the company, Cordes said. Ann Linn's husband, James P. Linn, resigned from the Koch board of directors, Cordes said.
After William filed the first lawsuit, Charles filed a countersuit in January, claiming William was partially responsible for a Fortune magazine article exposing the family's struggles. Charles's lawsuit asked for $67 million in actual damages and $100 million in punitive damages.
Charles's suit also was accompanied by lawsuits from the company. Court documents filed in U.S. District Court in Wichita indicate the brothers have asked for dismissal of all the lawsuits.
