Former Publisher of the Northwest Herald Bob Shaw and his brother William have reached a settlement with Shaw Media for $5.25 million, according to a Crain’s Chicago Business article.

The two owned 35% of the company, whose leading asset is the Northwest Herald.

The basis of the suit was those in control in refused to sell the NW Herald and Kane County Chronicle to the Chicago Tribune in 1999 for $120 million.

The argument by the Shaw brothers was that the trustee, relative Peter Shaw, “should have started selling newspaper assets before the industry’s decline ravaged the value of the Shaw empire,” as Crain’s puts it.

A valuation expert put the value of the company at $25 million in 2009.

The part of the suit against Northern Trust continues