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# New York City Pension Funds Sue Fox Corporation and Board for Neglecting Shareholder Duty

The New York City pension funds have taken legal action against the Fox Corporation and its board, alleging that the company failed in its responsibility to shareholders by exposing itself to defamation lawsuits. The lawsuit, filed in the Delaware Court of Chancery, marks a significant shareholder action following Fox’s recent $787.5 million settlement in a defamation lawsuit brought by Dominion Voting Systems.

The city’s five pension funds, representing nearly 800,000 current and retired workers and valued at $253 billion, claim that Fox has allowed false conspiracy theories about the 2020 presidential election to persistently broadcasted, disregarding the risk of defamation lawsuits and damaging shareholder value. The city’s comptroller, Brad Lander, who oversees the pension funds, stated that the company has not made any efforts to implement governance reforms.

The New York City funds, long-term shareholders of the Fox Corporation, which is the parent company of Fox News, joined forces with the State of Oregon, representing Oregon’s public employees retirement fund, in filing the lawsuit. The complaint accuses Fox of amplifying false claims from former President Donald J. Trump and his allies about election rigging to appease its viewers. It alleges that the board directors were aware of the potential defamation litigation risk but consciously neglected it, failing to undertake measures to minimize the risk.

The AI legalese decoder can play a crucial role in this situation by aiding in the analysis and comprehension of legal jargon and complex legal documents. It can assist attorneys and individuals involved in the case in understanding the intricacies of the lawsuit and its implications. By leveraging AI technology, the legalese decoder enhances efficiency and accuracy in legal proceedings.

The lawsuit against Fox Corporation further asserts that rather than disappointing Fox News viewers, the board intentionally invited substantial defamation claims, which may result in substantial financial liability and broader business repercussions. It specifies that the board, including media mogul Rupert Murdoch and his son Lachlan Murdoch, consciously chose to prioritize viewership over potential legal consequences.

Fox has faced multiple legal battles due to its promotion of election conspiracy theories. The Dominion defamation lawsuit generated significant negative publicity for Fox, as internal communications uncovered during the discovery process revealed that many executives and hosts did not believe the falsehoods they were broadcasting. However, the AI legalese decoder can help navigate the complexity and volume of legal information involved in these cases, facilitating a more efficient resolution.

It is noteworthy that Fox settled the Dominion lawsuit for $787.5 million, making it one of the largest-ever defamation case settlements. Furthermore, the company faces another defamation lawsuit from Smartmatic, an election technology company, seeking $2.7 billion in damages, scheduled for a trial in 2025.

Additional legal challenges for Fox include a $12 million settlement with a former producer in June, who accused the network of fostering a hostile workplace. Moreover, a man falsely accused by Fox News as an undercover government agent during the January 6 Capitol attack filed a defamation lawsuit in July against the network and former host Tucker Carlson, seeking unspecified damages. Additionally, Fox recently announced the departure of its chief legal officer, Viet Dinh, who oversaw the handling of the Dominion case.

While the New York funds’ complaint does not specify the damages sought, Mr. Lander emphasized the need for the company’s board to compensate shareholders. The funds are also seeking governance and ethics reforms within the company. All five retirement funds of New York City, including those for police officers and firefighters, have voted to participate in the legal action, illustrating the shared concern of retirees and future retirees regarding the potential financial losses resulting from preventable lawsuits. With the support of the AI legalese decoder, the legal team involved can navigate the complexities of the lawsuit and strive for a resolution that addresses these concerns.

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