A settlement has been reached in a suit filed by the trust benefitting Marion Poynter, Nelson Poynter’s widow, against the Times Publishing Co., the Tampa Bay Times reported. The trust has withdrawn the suit. Terms of the settlement were not made public. https://www.tampabay.com/business/tampa-bay-times-reaches-settlement-with-marion-poynters-trust-20190107/
Marion Poynter sued Times Publishing Co., which operates the Tampa Bay Times and other publications, Poynter and others reported.
The suit, filed in a U.S. District Court in Fauquier County, Virginia, claimed that Times Publishing owed the Marion K. Poynter charitable trust $7.8 million plus interest.
The charitable trust was set up in 1990 during an effort to stave off a hostile takeover of the St. Petersburg Times, which later changed its name to the Tampa Bay Times, the paper reported.
Marion Poynter’s stock was employed to help avert the takeover. The paper was to pay Poynter some million dollars a year for the stock move.
The company stopped making the payments in May. It said the rise in newsprint costs due to tariffs on Canadian imports was to blame.