Erik McGregor
Fox Corporation and its board were sued by New York City’s pension funds on Tuesday over claims that the parent company of Fox News neglected its duty to shareholders by broadcasting lies about the 2020 election, thus opening itself to defamation lawsuits.
“We are shareholders at a company that, unfortunately, has a longstanding practice of allowing conspiracy theories that its executives and its board know are false to be repeated over and over and over again, despite the very clear and present risk of defamation lawsuits eroding shareholder value,” New York City comptroller Brad Lander, who oversees the city’s five pension funds, said.
The funds currently hold nearly 900,000 shares of Fox Corp. stock, valued at over $28 million.