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.

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