IMAX chief executive Richard Gelfond is facing a $4.5 million lawsuit from his ex-wife Linda Stein, who alleges he breached their divorce settlement by failing to secure a life insurance policy.
Court filings claim Gelfond became uninsurable through excessive alcohol and drug use, leaving Stein unable to collect her share of his retirement benefits.
Stein v. Gelfond: The Lawsuit Explained
Richard Gelfond was named in a breach-of-contract lawsuit on 2 September 2025 in the New York Supreme Court, New York County. Akerman filed the complaint on behalf of Linda Stein, his former spouse.
The papers noted that Gelfond failed to meet the conditions of a settlement agreement made in 2008. Stein contends that he didn't cooperate by not securing life insurance coverage.
Gelfond allegedly made himself uninsurable through excessive use of alcohol and illicit drugs. The suit seeks $4.5 million in damages, representing Stein's entitled share of Gelfond's retirement benefits.
This follows Stein's claims of at least three insurance companies rejecting Gelfond's coverage applications.
Richard Gelfond's Career and Finances
Richard Gelfond resides in the West Village in Lower Manhattan, New York. In 2010, he got remarried to Peggy Bonapace.
Gelfond has been the sole CEO of IMAX since 2009, and was co-CEO since 1993. He's set to remain at the company until 31 December 2028 amid a recent contract extension.
He reportedly earns a base salary of $1.2 million, in addition to bonuses and stocks. He has been a key figure with his tenure spanning decades, even now, during a post-pandemic box office rebound.
His new equity terms grant him restricted share units with a grant date value of $3.5 million. This is based on performance criteria over a three-year performance period, which lines up with his 2028 contract expiration.
IMAX currently has a market capitalisation of $1.74 billion, as reported by Forbes. Effective 1 January 2026, he'll receive his annual base salary and will be eligible to receive a yearly bonus target.
The bonus will have 100% of his salary with a cap at 200% of its base. The other material terms and conditions of his existing employment agreement are to remain the same.
About Linda Stein
Linda Stein is 70 years old and was Richard Gelfond's first wife, having married in 1982. She resides in Carnegie Hill, a neighbourhood in Manhattan, New York.
She shares two kids with Gelfond before their divorce in 2008, which entitles her to a share of his retirement funds. This ties in with his employment at IMAX, as the funds he'll receive are part of his exit as per the litigation.
Stein and Gelfond's divorce settlement includes the latter being required to take out a life insurance policy. This serves as an alternative to potential retirement funds, as Stein noted he 'has an obligation to cooperate' with her.
Stein 'knew or should have known' that Gelfond would ruin her chance of taking out a policy on him. This follows his 'voluntary and chronic' drinking problems and drug use, thwarting efforts to gain coverage. At the moment, she's working towards forcing Gelfond to establish a $4.5 million trust fund for her.
Gelfond, who remarried in 2010 to Peggy Bonapace and lives in New York's West Village, has denied the allegations through his lawyer. The case remains ongoing, with no ruling yet from the court.
