Young Pritzker heirs settle billion-dollar lawsuit against family

CHICAGO - Two young heirs to the Pritzker family fortune that includes the Hyatt hotel chain have settled their lawsuit in which they accused the family of emptying their billion-dollar trust funds.

The amount of the settlement agreed to by Liesel Pritzker, 20, and her brother Matthew, 22, was not disclosed, but last week the Chicago Tribune reported the two would split US$1 billion ($1.4 billion).

Each had filed US$1 billion lawsuits within months of each other in 2002 against their father, Robert, and other family members, threatening to expose the family's plans to take its US$15 billion privately held empire public.

Details of the plan are in a 2001 settlement agreement in which 11 heirs - not including Liesel and Matthew - set out the planned breakup of the family fortune.

That document has remained private, but Wall Street is keen to know the family's expectations for a public offering.

Apart from the growing Hyatt chain, the family operates a of manufacturing and service companies under the Marmon Group name, and has holdings in real estate, mining and cruise lines.

The Pritzkers are one of the four richest families in the United States.

The heirs' lawsuits alleged their father conspired with others to empty their trust funds of more than US$1 billion each.

- REUTERS