News Corp. Reaches $139M Settlement in Shareholder Suit Over Phone-Hacking Scandal
News Corporation reached a $139 million settlement in a lawsuit filed against its board, alleging that the media giant’s top brass put chairman and CEO Rupert Murdoch’s interests before those of the company.
A group of shareholders, suing on behalf of the company, settled a class suit filed in Delaware two years ago claimed the board failed to prevent the phone-hacking scandal in the U.K. and negotiate a fair price for the acquisition of Shine Group, a TV production firm owned by the boss’s daughter, Elisabeth Murdoch.
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