US: Antitrust suits cost Murdoch’s News Corp. shareholders $655M, says pension fund
Rupert Murdoch has cost shareholders $655 million as a result of various antitrust lawsuits concerning New Corp. and its US-based subsidiary News America, claims a pension fund in a derivative lawsuit. The allegations were filed by the Iron Workers Mid-South Pension Fund, which is suing various News Corp. executives including CEO Keith Rupert Murdoch. The company’s US branch is being sued for its in-store promotion services and coupons for product manufacturers, which, according to the complaint, is part of the company’s “illegal monopolistic practices” as News Corp. is now the dominant player for in-store promotion services. According to the lawsuit, higher-ups in the company were aware of the monopolistic practices and various other lawsuits – including those initiated by the US Department of Justice, FBI and competitors – have cost News Corp. shareholders nearly $655 million to settle cases. Among other damages, the fund is seeking compensation for waste of corporate assets.
Full Content: Courthouse News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI