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June 12, 2009

Sun-Times ordered to pay $37.5 million

A federal judge ordered Sun-Times Media Group Inc. in Chicago to pay shareholders $37.5 million to settle allegations the company misled investors.

The alleged fraud occurred while Conrad Black was in charge of the company.

Black is currently serving time for obstruction of justice and misuse of company funds. This week, the Supreme Court denied Black's request for bail.

Black is appealing his convictions.

The award to shareholders applies to investors who bought stock from Aug. 13, 1999, to March 31, 2003, Crain's Chicago Business reported Friday.