(The opinions expressed here are those of the author, a columnist for Reuters.) When Fox Corp agreed on Tuesday to pay $787.5 million to settle defamation claims by Dominion Voting Systems Corp, it gave shareholder lawyers exactly what they needed to sue Rupert Murdoch and the rest of the Fox board.
to settle defamation claims by Dominion Voting Systems Corp, it gave shareholder lawyers exactly what they needed to sue Rupert Murdoch and the rest of the Fox board.
At least two shareholder firms have already demanded to see Fox’s internal corporate records as they investigate the board's conduct. These books-and-records demands under Delaware’s corporate code are often a harbinger of litigation against board members, as my Reuters colleagues Jody Godoy and Helen CosterA Fox Corp spokesperson declined to comment on the prospective breach of duty litigation.
If shareholders can establish their right to sue on the company’s behalf, they must then show that Fox’s board members acted so egregiously that their actions can’t be attributed merely to an error in judgment. Fox board members will probably argue that the network's election fraud coverage was justifiable, both journalistically and as a matter of business judgment.that Fox executives were worried about losing audience share to far-right competitors in the aftermath of the 2020 presidential election. Dominion contended that Fox leaders, including Murdoch, knew election fraud claims by Trump and his allies were baseless, yet continued to air their accusations for fear of driving away Fox viewers.
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