CINAR Suspends Globe-X Lawsuit
Montreal-based CINAR Corp. has come to an interim deal with Globe-X Management, which halts the pending lawsuit against the investment firm. The agreement allows CINAR Corp. to look into investments made, without board approval, in Globe-X Management's affiliate Globe-X Canadiana. However, the deal does not finalizes the terms in which CINAR will be able to recover the nearly US$76 million invested in Globe-X. The lawsuit was filed on Monday, March 20, in an attempt to recover the funds, which were signed by former co-CEO Ronald Weinberg and senior executive VP Hasanain Panju.