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Labor Fund Files Suit Against News Corp

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The Massachusetts Laborer’s Pension and Annuity Funds has filed a lawsuit in Delaware Chancery Court against K. Rupert Murdoch and the other directors of News Corp., alleging that New Corp “to take any action to investigate, control, and limit the fallout from the hacking scandal” that “caused the company to lose billions of dollars in value.” From July 4 to July 11, the market value of News Corp., fell over $7 billion.

This is the second lawsuit filed against News Corp and K. Robert Murdoch over the phone hacking scandal. The first was filed by Central Laborers Pension Fund, the New Orleans City Employees’ Retirement System and Amalgamated Bank, and alleges that Murdoch and News Corp., directors breached their fiduciary oversight and corporate governance failures and caused possibly billion of dollars in shareholder value.

According to the lawsuit, the fund is seeking to recover million of dollars in losses and to strengthen corporate governance over alleged mismanagement and breaches of fiduciary duty exposed by the News of the World phone hacking scandal, Pensions & Investments reported. Recovered proceeds would be reinvested in the company. disclaimer: This article: Labor Fund Files Suit Against News Corp was posted on Monday, July 25th, 2011 at 8:28 pm at and is filed under Fraud Lawsuits.

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