Secretive billionaire heiress Catherine Lozick outed by nephew's lawsuit
The secretive billionairess no-one knew existed until her nephew filed a lawsuit to get his hands on inheritance
- Catherine Lozick inherited the billion-dollar Swagelok company
- She remained anonymous until her nephew brought a lawsuit against her
96
View
comments
Catherine Lozick is married with two children. She's 68 years old, and lists herself as a 'homemaker' on official forms. She's also the owner of a global company with $1.8 billion in revenue annually.
When billionaire Fred A. Lennon died at the age of 92 in 1998, the financial world speculated about his will, but so secretive was the industrialist that no one found out who owned his billion-dollar company, Swagelok, until years later.
It wasn't until 2002, when his grandson William Lennon took his aunt, Fred's daughter Catherine Lozick, to probate court, that the world discovered how Lennon had divided up his fortune.
Secretly successful: The only photo of enigmatic Catherine Lozick (pictured with husband Edward Lozick) that seems to exists online
In a recent Forbes magazine profile, it was revealed that in 1986, Fred Lennon set up a trust for his daughter Catherine Lozick that contained the vast majority of the assets in his estate.
RELATED ARTICLES
'Immigrants will be the job creators of tomorrow':... 
Two men 'posed as top bank execs to scam $220,000 in private...
Share this article
ShareShe would be the only recipient of income from the trust's assets, and 21 years after Lennon's death, Lozick would inherit the entire trust.
The trustees could, at their discretion, hand the trust over to Lozick at an earlier date.
Awaiting billions? Lozick's son Thomas Lozick (left) with his wife. Thomas works for the family company Swagelock, which produces pipe fittings and tubing and other fixtures. It also produces billions for the Lozick family
The good life: Lozick and his wife could be the next beneficiaries of the family billions now that his mercurial mom Catherine has been given an estimated $1.7 billion by a trust set up by her secretive father
None of his nine grandchildren were recognized in the will or given any role in the company that made Lennon's fortune, Swagelok, which makes plumbing products such as fittings, valves and hoses.
There was one further stipulation: If Lozick died before she assumed ownership of the trust, Lennon's grandchildren would inherit what assets remained in the trust.
Founder: Fred Lennon established his company in 1947 and grew it from nothing into a billion-dollar empire before his death in 1998
It was this condition that prompted William Lennon, one of Fred Lennon's snubbed grandchildren, to bring a case against his aunt attempting to dismantle the trust in 2002.
The case was directed at the trustees of his grandfather's assets, whom he accused of mismanagement.
However, William Lennon's right to bring the case to court was questioned by the Lozick's lawyer.
According to Forbes, David A. Kutik wrote a motion to dismiss the case due to William Lennon's lack of standing.
'If Catherine Lozick survives the 21 years, Plaintiff receives nothing. If the entire Trust is distributed to Catherine Lozick in the Trustee’s discretion, Plaintiff receives nothing. If Catherine Lozick does not survive the 21 years, and Plaintiff does not survive the 21 years, Plaintiff receives nothing […]'
The judge at the Cuyahoga probate court dismissed William Lennon's case. However, in 2003, Lozick agreed to pay pay each of Fred Lennon’s grandchildren, William included, $1.25 million. Each of his great grandchildren (including any unborn) would receive $15,000.
Catherine Lozick, or Cathey as she is also known, lives by her father's mantra. 'Secrecy is success. Success is secrecy.'
She made the settlement with her nephew to avoid further litigation on his part, according to Forbes.
However, she needn't have bothered bending to her nephew's willl; that same year, the trustees decided to hand over all the assets to Cathey Lozick well ahead of schedule, making her an instant billionaire.
Billion dollar digs? A satellite view shows the densely wooded Chagrin Falls, Ohio neighborhood that reclusive bilionaire heiress Lozick is believed to call home
Unassuming: The 68-year-old assumed billionaire won't go public with her rumored inheritance. Nor does she live in an ostentatious town. Pictured is Chagrin Falls, Ohio, where Lozick lives
Swagelock: The company that made the family its billions makes simple necessities like valves, piping, tubes, and other plumbing equipment. At right, the company headquarters in Solon, Ohio
Extended stay? The younger Lozick, Thomas (at right with wife Kay) works at Swagelock's Alabama location
Forbes experts estimate Cathey Lozick's fortune at $1.7 billion, but the billionaire has no interest in confirming or denying that figure.
A Forbes reporter inquiring as to whether their estimate was accurate was given short shrift by a staffer at the Edward A. and Catherine L. Lozick Foundation, the charitable trust run by Lozick and her husband, who once worked for Fred Lennon.
The reporter was told that Catherine Lennon was out of town and that even if she weren't, she wouldn't care to comment on her fortune.
Secrecy is success, success is secrecy.
ncG1vNJzZmivp6x7pa3IpbCmmZmhe6S7ja6iaKaVrMBwrdGtoJyklWJ%2FdISUcGptZ4OasLOx06KtnmWSnrmttc6nmKKqlWK1prXRnqqsZXOWwamx0aKlnmV8pMeqr8pmpq6slZl6r7HPoZywq12hrri%2F1KKrZ6Ckork%3D