Hollinger International has dropped a mooted claim for damages against its
former auditor KPMG, according to reports.
The Financial Times reported today that Hollinger had said it would
not pursue any claim.
A report in 2004 had suggested that Lord Black, Hollinger’s former boss, had
breached his fiduciary duty in paying excessive management fees to Ravelston,
his private company, a breach that KPMG had not reported to Hollinger’s audit
committee, the report said.
James Van Horn, Hollinger general counsel, is reported in the FT
saying that no claim would be pursued.
KPMG in the US is reported to have said: ‘KPMG stands behind its work for
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