News Corp shareholders lodge complaint against Rupert Murdoch

[tsuki]

A prominent group of US banks and investment funds with substantial investments in News Corporation has issued a fresh legal complaint accusing the company of widespread corporate misconduct extending far beyond the phone-hacking excesses of News of the World.

The legal action, lodged in the Delaware courts, is led by Amalgamated Bank, a New York-based chartered bank that manages some $12bn on behalf of institutional investors and holds about 1 million shares of News Corporation common stock. Its lawsuit is aimed against the members of News Corp's board, including Rupert Murdoch himself, his sons James and Lachlan, and the media empire's chief operating officer, Chase Carey.

In the complaint, the shareholders accuse the board of allowing Murdoch to use News Corp as his "own personal fiefdom". In addition to the phone-hacking scandal at the News of the World, the complaint focuses on the controversial business tactics of two News Corp subsidiaries in America, its advertising arm News America Marketing and a manufacturer of satellite TV smart cards called NDS Group Plc.

http://www.guardian.co.uk/media/2011/sep/13/news-corporation-shareholders-complaint

I don't know if Rupert Roo will be able to recover after this. Baby Roo back to Parliament, new docs from NoW, 7/7 mom to sue, US investigation, Australian investigation. That is quite a bit on the plate.

[Kingofalldems]

1. Kick and Rec for all the Fox News fans stopping in

[tsuki]

2. Thank you. nt

[Stuart G]

3. There was a TV show ..."Down You Go.." nt.

[malaise]

4. Hope they all go broke

Fugg em!

[tsuki]

5. Me too. And take the despicable WhatAilesAmerica with them. nt

[gratuitous]

6. Uh oh, this sets up a real judicial conundrum

Which wealthy folks do they rule against? Can a bunch of poor people be brought in as intervenors to take it in the shorts while the wealthy folks all get made whole? This could be a tough case for a judge to rule on. Probably best to put it into abatement, and let the "controversy" die down. Meanwhile, Murdoch and his minions can invest some money somewhere, and pay off any damages award with the return on that investment. While the case is pending, they can then deduct the cost of litigation as a business expense, "earning" a little tax credit there. All in all, Rupert shouldn't be out of pocket for much. And, if the case drags on long enough, he might not even be alive for a judgment to be rendered.

This is good news for Murdoch!

[tsuki]

7. Or they could be renovating a cell next to Conrad Black. Rupert

Roo has made a lot of rich enemies.