Chicago, IL: (Jul-31-07) Several securities class action suits were filed against Sun-Times Media Group Inc., owner of the Chicago Sun-Times newspaper, and several former directors and officers. The suits alleged that the company and others made misleading disclosures and omissions regarding certain non-competition payments and the payment of allegedly excessive management fees. The lawsuits, which were filed in the United States and Canada, culminated in a settlement in which the company agreed to pay over $30 million to resolve the allegations. The company's insurers also will deposit in an escrow account $24.5 million to fund defense costs incurred by the company during the securities class action and other litigation or other claimed loss. The company said the settlement will be funded entirely by $30 million in proceeds from its insurance policies. The settlement did not include any admission of liability. [REUTERS: SUN TIMES SECURITIES]
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