Top Canadian law firm to pay Hollinger $30 million settlement

[JURIST] One of Canada's top law firms has agreed to pay a $30 million settlement to former client Hollinger International [corporate website] for its role in failing to act in Hollinger's best interest during a series of now infamous transactions which enabled Conrad Black [CBC profile] to pocket tens of millions of dollars. According to reports, Torys LLP [corporate website] - a 330-attorney firm based in Toronto and New York - failed to notify Hollinger that it was also acting as legal representative for Conrad Black's holding companies during a transaction in which CanWest Global Communications [corporate website] bought up billions of dollars in stocks and assets from the various media companies. At the heart of Hollinger's allegations is the assertion that Torys neglected to alert company officials of the $51.8 million that was transferred to the personal accounts of Conrad Black and three of his deputies after the CanWest deal closed. Currently, Black and his three deputies are facing criminal fraud charges [JURIST report] levied by the US Department of Justice [official website] for their roles in the sell-off. The Globe and Mail has more.



 

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