A PYMNTS Company

US: Antitrust suits cost Murdoch’s News Corp. shareholders $655M, says pension fund

By  |  June 11, 2013
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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.