The clash over millions of dollars in inheritance between the heirs of a North Carolina textile fortune and a major hospital system has neared an end and awaits court approval of a settlement.
Cannon Mills Co. descendants and Atrium Health signed a settlement agreement resolving all claims and counterclaims in the battle over the family trust, an N.C. Business Court joint motion filed Friday shows.
The dispute is over who is the rightful heir to the Cannon trust that was left to a county-owned hospital, which through mergers is now Atrium Health.
The agreement is subject to Attorney General Josh Stein ’s review and court approval. If Stein has not advised the parties of a position on or before July 8, the parties will file a motion for approval of the settlement, the court filing states.
Terms and conditions of the settlement agreement, and the value of the trust, are not specified in court documents. The Observer previously reported about the case that the trust is worth millions of dollars.