Finally shareholders found something to sue Rupert Murdoch for 400,000,000 pounds!

[Cal33]

I hope this is just the beginning:

http://www.buzzflash.net/story.php?id=1350538

[rfranklin]

1. "No reason for the purchase..."

Rupert Murdoch, News Corp. Sued by Amalgamated Over Shine Group Purchase
By Sophia Pearson - Mar 16, 2011 Rupert Murdoch and his News Corp. (NWSA) were sued over claims he is causing the company to pay about $675 million for “nepotism” in its purchase of his daughter’s U.K.-based television production company Shine Group Ltd.

There is no reason for the purchase other than to reward Elisabeth Murdoch and perpetuate the family’s involvement in senior management of the media empire, the Amalgamated Bank of New York and the Central Laborers Pension Fund said in the complaint.

The bank sued as trustee for several funds, through which it holds almost 1 million shares of News Corp., according to a complaint filed today on behalf of the company in Delaware Chancery Court in Wilmington. Central Laborers, an Illinois- based pension fund, also filed a separate complaint seeking to inspect books and records outlining the company’s decision to buy Shine.

“Although the transaction makes little or no business sense for News Corp. and is far above a price any independent, disinterested third party would pay for Shine, it is unsurprising that the transaction was approved by News Corp’s board,” lawyers for the bank said in the complaint.

-more-

http://www.bloomberg.com/news/print/2011-03-16/rupert-murdoch-news-corp-sued-by-amalgamated-over-shine-group-purchase.html

[DenverDad]

2. My mistake. . .

when I read "400,000,000 pounds", I immediately thought of Rush Limbaugh.

[Cal33]

3. Can't blame yourself for the mistake. Limbaugh is all out for oral activities: food and talk.

[CanonRay]

4. Why does Central Laborers Pension Fund invest

in Rupert Murdoch in the first place? Talk about handing the guy cutting your throat a knife sharpener....

[Cal33]

5. I don't understand it either.