True North files for $60m in damages against Publicis

- True North has filed with the London Court of International Arbitration for $60m worth of damages against Publicis.

- True North has filed with the London Court of International Arbitration for $60m worth of damages against Publicis.

The move follows the announcement last week that a US Federal judge has upheld the London Court's decision that Publicis should provide True North Communications with tax information it had been withholding.

The damages claim is related to the December merger of Publicis Communication with Publicis, which gave True North 8.8 per cent stake in Publicis in return for the 26.5% it owned of Publicis Communication.

True North, which owns both the FCB and Bozell Worldwide networks, claims that the 8.8% ownership of Publicis is an inadequate exchange and is seeking additional monetary compensation with the London Court of International Arbitration.