Ontario Court OKs $37.5M Hollinger Class Settlement

Law360, New York (November 17, 2008, 12:00 AM EST) -- A Canadian court has preliminarily approved a $37.5 million settlement in several securities class action suits brought by shareholders of scandal-ridden Hollinger Inc. alleging former CEO Lord Conrad Black and other top company officials siphoned $60 million of investors' money in a scheme that cost the former media empire $84 million.

On Friday, the Ontario Superior Court of Justice issued an order granting preliminary approval for Hollinger's insurers to pay $30 million to settle charges of liability in connection with the alleged fraud, Hollinger announced Sunday....
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