Shareholders Sue News Corp. Over Hacking Scandal

[Turborama]

Source: AP

NEW YORK July 11, 2011 (AP)

A group of News Corp. shareholders have sued the company over a phone-hacking scandal at its now-closed News of the World tabloid in London.

The lawsuit accuses News Corp. of large-scale governance failures. It was filed late Friday in Delaware Chancery Court by shareholders led by Amalgamated Bank. Several municipal and union pension funds joined in the lawsuit. The shareholders own less than 1 percent of News Corp.'s stock combined.


News of the World employees are accused of hacking into the phone of a missing 13-year-old girl, who was later found murdered.

The lawsuit is part of an amended complaint. The shareholders are also challenging News Corp.'s acquisition of Shine Group Ltd., founded by the daughter of News Corp. CEO Rupert Murdoch

Read more: http://abcnews.go.com/Business/wireStory?id=14046793

---

YES! :woohoo: The news I've been waiting for.

Hopefully just the first of a multitude of cards that will fall.

[Ship of Fools]

1. a tsunami is coming

and boy, is karma a bitch or what?

[Sarah Ibarruri]

2. Murdoch is hopefully crash landing. I hope he sees his right wing media world die before

he does.

[mwooldri]

13. His media world won't die.

Murdoch may lose some or all of it at some point.

If the ship is steering right, just changing the captain doesn't necessarily mean that the ship will steer a straighter course.

[Uncle Joe]

3. Kicked and recommended.

Thanks for the thread, Turborama.

[Kingofalldems]

4. Kick this and rec big time

[beac]

5. News Corp investors attack Murdoch

Source: The Guardian

Rupert Neate guardian.co.uk, Monday 11 July 2011 17.28 BST



A powerful group of News Corp's shareholders have accused Rupert Murdoch of "egregious" behaviour and treating his media empire like a "family candy jar".

The shareholder group, which includes banks and pension funds, accused Murdoch of "rampant nepotism" and using News Corp resources for "his own personal and political objectives".

The institutional shareholders, led by the Amalgamated Bank, said it was "inconceivable" that Murdoch would not have been aware of rampant phone hacking at the News of the World.

"It is inconceivable that Murdoch and his fellow board members would not have been aware of the illicit news gathering practices. And yet, the board took no real action to investigate the allegations until 7 July 2011, when Murdoch selected two of his co-directors to deal with the imbroglio," the shareholders said in a legal filing in Delaware, where News Corp is registered.



Read more: http://www.guardian.co.uk/media/2011/jul/11/news-corp-shareholders-attack-murdoch?intcmp=239

[Uncle Joe]

6. Kicked and recommended.

Thanks for the thread, beac.

[Kingofalldems]

7. Hahahahahahaha

[tridim]

8. Then "News Corp's shareholders" must be idiots.

[Hutzpa]

16. I'm sorry, but those shareholders can kiss my a**

they knew all along that their investment into this entity will help destroyed lives and now when the ship is about to
sink they are acting as if they knew nothing of what they boarded.

Fuck em' :puke: Their money helped destroyed a lot of lives.

[izquierdista]

17. Don't be so nasty

We want to be sure that everyone aboard that ship has knives, lots of sharp knives. This is going to get interesting. :popcorn:

[dipsydoodle]

9. See

News Of The World was a separate UK company.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4914344&mesg_id=4914375

A consortium , unassociated with News Corp., is also being put together to buy the name of the News Of The World from the administrator once appointed.

[formercia]

10. K&R n/t

[Taverner]

11. Can I tell you how beautiful this is?

[Turborama]

18. I'm finding it hard to come up with an apt analogy

I would say it's like watching a train crash in slow motion (Murdoch and his empire being the train) but that seems to ghoulish.

[kestrel91316]

12. By george, I do believe there may ACTUALLY be a God.

[florida08]

14. well let's hope the short sellers are all over him

http://www.google.com/finance?q=LON%3ANCRB

:dem:

[barbtries]

15. i want him to go down

on this side of the pond!!!