Aug 1, 2007 8:57 am US/Central
Sun-Times Settles Lawsuits By Shareholders
Suits Stemmed From Alleged Fleecing Of Parent Company By Conrad Black
CHICAGO (AP) ―
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Sun-Times Media Group Inc. has agreed to settle securities class-action lawsuits against the company and several former directors and officers, officials said Tuesday.
The lawsuits, filed on behalf of shareholders in the United States and Canada, alleged the company and others made misleading disclosures and omissions regarding certain "non-competition" payments and paid excessive management fees.
"We're happy to have this agreement," said Sun-Times Media Group spokeswoman Tammy Chase. "It wraps up unresolved matters."
The settlement will be funded by $30 million in proceeds from insurance policies, the company said in a statement. The deal, which still requires approval from courts in the United States and Canada, does not include any admission of liability.
Among those named as plaintiffs in the lawsuits were the Teachers' Retirement System of Louisiana and the Washington Area Carpenters Pension and Retirement Fund.
Defendants included former media mogul Conrad Black, the Canadian-born newspaper executive who was convicted July 13 of three counts of mail fraud and one count of obstruction of justice in what federal prosecutors described as a multimillion-dollar fleecing of Hollinger International Inc.
Other defendants included past directors and officers such as former Secretary of State Henry A. Kissinger, former Illinois Gov. James R. Thompson and Black's wife, Barbara Amiel Black.
Chicago-based Hollinger International, which was renamed Sun-Times Media Group last year, was at one time one of the world's largest publishers of community newspapers as well as the Chicago Sun-Times, the Daily Telegraph of London and Israel's Jerusalem Post.
Black is free on $21 million bond while awaiting sentencing.
(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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