LAWSUITS NEWS & LEGAL INFORMATION
Sun-Times Media Group
Chicago IL: The derivative action had been filed against Sun-Times Media Group by stakeholder Cardinal Value Equity Partners, accusing certain directors including Henry Kissinger, former Illinois Gov. James Thompson and other independent directors of the publishing company formerly known as Hollinger International of breaching their fiduciary duties. The lawsuit claimed Sun-Times did nothing while former Chairman Conrad Black and other key executives allegedly plundered the company through improper fees, contracts, and other fraudulent methods.
The settlement had been agreed between the publisher of the Chicago Sun-Times and Cardinal in May 2005, and approved by the Chancery Court in Delaware last November. The Sun-Times Media Group said it had received a $50 million payment settling the 2003 lawsuit; they neither admitted nor denied wrongdoing. (Jan-24-07) [EDITOR AND PUBLISHER: SUN-TIMES STAKEHOLDER]
The settlement had been agreed between the publisher of the Chicago Sun-Times and Cardinal in May 2005, and approved by the Chancery Court in Delaware last November. The Sun-Times Media Group said it had received a $50 million payment settling the 2003 lawsuit; they neither admitted nor denied wrongdoing. (Jan-24-07) [EDITOR AND PUBLISHER: SUN-TIMES STAKEHOLDER]
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