By TOM JOYCE | THE CENTER SQUARE
Oregon Attorney General Ellen Rosenblum filed a stockholder derivative lawsuit against the board of directors of Fox Corporation this week.
Rosenblum filed the suit against the corporate parent of Fox News for breach of fiduciary duty because the Oregon Public Employee Retirement Fund is a Fox investor.
The Attorney General is representing the fund and Oregon Treasurer Tobias Read, whose office partnered in the investigation into Fox.
“The board of Fox Corporation took a massive risk in pursuing profits by perpetuating and peddling known falsehoods,” Rosenblum said in a release. “The directors’ choices exposed themselves and the company to liability and exposed their shareholders to significant risks. That is the crux of our lawsuit, and we look forward to making our case in court.”
A joint investigation conducted by the Oregon Department of Justice and Oregon Treasurer’s Office earlier this year concluded that Fox’s management hurt investors, including Oregon’s public employees, with its actions.
As of the end of August, the state held 150,146 shares of Fox Class A stock and 76,169 shares of Fox Class B stock worth about $5.2 million.
Filed in Delaware Chancery Court this week, the lawsuit alleges that Fox’s Board knew that Fox News promoted lies without regard for whether they would result in defamation charges.
The Board at Fox should have been more sensitive to the defamation risks the company faced, the release said. It cites examples of false news reported on Fox News, including that murdered Democratic National Committee staffer Seth Rich provided hacked emails to WikiLeaks and claims that election technology companies U.S. Dominion, Inc. and Smartmatic USA Corp. rigged the 2020 presidential election in favor of President Joe Biden.
The lawsuit said Fox did not make a good-faith effort to monitor or mitigate defamation risk, unlike other major media organizations in America.
“Our responsibility to safeguard the retirement investments of Oregon’s public servants is of the utmost importance,” Treasurer Tobias Read, a member of the Oregon Investment Council, said. “We aim to hold Fox’s board of directors, including Rupert and Lachlan Murdoch, accountable for their decisions. We believe that this action is necessary in fulfilling our obligation to our beneficiaries.”
Let’s sue everybody that’s the answer. Lawyers are nothing but leaches and politicians are the one of the same. We need less lawyers and politicians. If you step back and look who’s causing the issues it’s the media lawyers and of course politicians. Years ago this was a stable safe country non you can get in trouble for calling someone man or woman. Look what government has gave us.
The problem:
Most politicians are Lawyers.
The problem is not the number of politicians, but the number of politicians who are NOT at the bottom of the sea.
“Government is a disease masquerading as its own cure.”
Whats next?
Next they will sue Trump for something!
Why now?
When will Republicans and its more Right-centered organizations Ever learn Democrats aren’t your friend? Republicans got to stop associating with them. You’ll get screwed eventually. Bible tells one should not be unequally yoked. That include politicians and political groups. If Fox News was MSNBC would a Democrat attorney general of a Democrat State being suing MSNBC even if it was wrong. No cause you settle disagreements off the record and out of court. Just like the Bible says settle disburse with a brother privately and discreetly. You know the democrats know more about bible than right center Republicans, well! Lucifer knows the Word of God better than Christians.
You, however, don’t seem to know it at all.
Maybe you should start hanging around with Democrats. You might learn something. At least they fake caring for the poor.
MSNBC was sued. They invented the Maddow defense, meaning when a news person says something “literally” what they actually are saying is “hyperbole”. Look it up.
Some money will be spent, msm will continue…nothing will change.
Media exaggeration and hyperbole are literally 1,000,000 times worse than they used to be.
Keeping
America’s
Reprehensible
Madmen
Accountable
Faux Noise will reap what they sow.
Seen, it’s pretty obvious isn’t it? the leftist control Oregon as they do Washington D.C. Up till now I had reservations about the reported massive fraud concerning Dominion voting machines, this bravo sierra lawsuit against Fox however makes me think that there was actual fraud involved. If successful it should open up an avenue for manifold lawsuits to be brought against all of the MSM’s. Let’s start with the propaganda about how ‘Safe and Effective” those harmful Covid Jabs were, and how it was the unjabbed or untermenschen that were the problem, remember that nonsense?
Yeah, pretty rich stuff here, especially in light of actions taken by the 5th Circuit this last week. Bombs Away! Lets make our media look like Tokyo after a B-29 Firebomb raid.
So! I assuming! Whichever, stocks that your states by into that will be the assumption of what you get on your free tv? Uhmmmm! So control! By the television mind? Nobody gets free access anymore? Put the metal hangers back up? Does it still work? Antenna wise?
I have the feeling that you offended me. Therefore I must sue you. This logic is from the participation trophy generation.
So now the State of Oregon will control what Fox News can or cannot do or say. Because the state of Oregon invests in Fox News, is a partial owner of Fox News. Maybe government agencies (like state owned & operated retirement plans) need to be prohibited from ownership of private news networks. It’s a back door into state censorship of free media. On the other hand Oregon could just sell their shares like most people when they no longer like a stock. But no, they want control.
Good ! Now go after the gun manufacturers
OK, for those that are keeping score.
.
Asking questions, and reporting anything that is even remotely damaging to the leftists dream of a single party all powerful State is not verboten.
.
Orwell would be proud.
Isn’t Fox one of the most-watched? How is this harming stockholders?
Wow, an additional and novel way for the radical leftist authoritarians to attack freedom of speech.
Color me unsurprised.
UUhh, news media are supposed to be independent, not controlled by their investors as to what they report. Oregon obviously has a problem with this and should not be investing in stock they cannot control. Can they control ANY stock or are they just virtue signaling to their people that they can. What a waste of time, energy and money! The people of Oregon should be firing those in charge!
BS lawsuit. In court you have to prove harm and there is zero harm here to any investor. FOX News stock price has been pretty static for the last 4 years.
Hmmm… it sure seems like State DA’s are turning over every rock in their attempts to wring some notoriety & dinero from corporations. Wonder when one of them will investigate Dominion Voting Systems which is owned by the CIA linked hedge fund the Carlyle Group?
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