Radler, companies to pay Sun-Times $63.4M US
Last Updated: Sunday, March 18, 2007 | 10:44 PM ET
CBC News
Sun-Times Media Group Inc., the media company once controlled by press baron Conrad Black, has settled a lawsuit with former president and chief operating officer David Radler for $63.4 million US.
Sun-Times, formerly known as Hollinger International, also said Sunday it will receive the money from Radler and publishing companies, Horizon Publishing Co. and Bradford Publishing Co., to settle current claims and potential additional claims against Radler related to recent findings about backdated stock options.
The settlement increases the total proceeds received from Radler and the companies to about $72 million US, the Sun-Times said.
"Today the company takes a significant step in obtaining restitution for the acts of the company's controlling shareholders and former management," said Gordon Paris, chairman of a special Sun-Times board committee and former chief executive of Hollinger International.
"The settlements announced today — combined with the previously announced settlements with the company's former counsel Torys LLP, its former outside directors, and former officer Peter Atkinson and the 2004 Delaware judgment against Conrad Black and Hollinger Inc. — bring the total recoveries thus far to about $185 million."
It's the second settlement involving Radler in the days before Black's fraud trial, set to begin on Monday in Chicago. Black has vigorously denied allegations of wrongdoing and has vowed to prove his innocence in court.
Boost to credibility
On Friday, Radler agreed to return $28.7 million US to Hollinger International shareholders as part of a settlement with U.S. securities regulators, in a move that some legal experts said could enhance his credibility when he testifies.
Radler is Black's longtime top associate and will be a key witness for U.S. prosecutors who allege that Black and other Hollinger executives defrauded shareholders by about $85 million US.
Radler pleaded guilty in the case in return for a lenient jail sentence of 29 months, a fine of $250,000 and his full co-operation at the trial.
Paris will be the government's first witness and is expected to take the stand Tuesday.
The settlement of $63.4 million US announced Sunday will be paid back as follows:
- Radler will pay $21.18 million.
- North American Newspapers Ltd., which is owned by Radler, will pay $23.3 million.
- Horizon will pay $11.78 million.
- Bradford will pay $7.15 million.
Share Tools
Top News Headlines
- Aylmer triple stabbing leads to first-degree murder charges
- The estranged partner of a young mother who was stabbed to death along with her parents at their home in Aylmer, Que., has been charged with first-degree murder Friday. more »
- More than 90 killed in central Syria, activists say
- Activists have raised the number of those reportedly killed by regime forces in a district of central Syria to more than 90. more »
- The risks and responsibilities of taking on Mt. Everest
- The deaths of five climbers last weekend on Mt. Everest, with more summits underway this weekend, fuels the debate about the risks and responsibilities of high altitude climbing. more »
- Ex-Mubarak PM vows not to recreate old regime
- The last prime minister of ousted Egyptian President Hosni Mubarak is denying claims that he's trying to recreate the old regime. more »
Latest Canada News Headlines
- Aylmer triple stabbing leads to first-degree murder charges
- The estranged partner of a young mother who was stabbed to death along with her parents at their home in Aylmer, Que., has been charged with first-degree murder Friday. more »
- Wildfires, high winds put northeastern Ontario on alert
- It's going to be a tense weekend in northeastern Ontario where strong, shifting winds have been fuelling a forest fire that has blanketed the Timmins area with smoke and ash. more »
- B.C. premier unhappy with disgraced Mountie's transfer
- B.C. Premier Christy Clark says she is not happy with the RCMP decision to transfer a disgraced Alberta Mountie to the West Coast. more »
- RCMP to close labs in Halifax, Winnipeg, Regina
- The RCMP is closing forensic laboratories in Halifax, Winnipeg and Regina and consolidating them with three others in a move the force says will lead to faster, more efficient service. more »
The National
The Current
- What does it take to get fired at the RCMP? May. 25, 2012 5:02 PM After a senior Mountie was demoted for disgraceful conduct including sex with subordinates, exposing himself and drinking on the job, some former employees wonder what you have to do to get fired.
- Aylmer triple stabbing leads to first-degree murder charges
- Everest victim's husband says family not seeking government help
- B.C. premier unhappy with disgraced Mountie's transfer
- Canada ending 'Buffalo shuffle' for visas, closing consulate
- What a Greek euro exit could mean for Canada
- Third B.C. salmon farm quarantined
- RCMP officer charged in fatal crash
- Police probe Halifax homicide after shooting
- Ottawa man in hospital after lightning strike
