True North has failed in its bid to win a £68 million "divorce settlement " from Publicis, its former global partner, after their bitter split three years ago.
The London Court of International Arbitration dismissed an action brought by the Chicago-based group.
True North claimed the money as compensation for losses sustained after a restructure at Publicis, which enabled it to dispose of its shares in its French partner and allow the divorce to take place.
Maurice Levy, who had complained that the lawsuit amounted to harassment by True North, declared himself "extremely pleased" by the judgement. He described it as "thoroughly clear and definitive".
He added: "It confirms that Publicis respected all of its duties in total accord with all agreements that it had made and with all regulations".
True North sold all its 800,000 Publicis shares--representing a nine per cent stake--eight months ago. Publicis is retaining its 10 per cent stake in True North, making it the group's largest shareholder.