23-04-2013, 16:26
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#1927
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The Invisible Woman
Cable Forum Team
Join Date: Jun 2003
Location: between Portsmouth and Southampton.
Age: 72
Services: VM XL TV,50 MB VM BB,VM landline, Tivo
Posts: 40,339
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Re: [Update] The News Corp scandal
http://www.bbc.co.uk/news/business-22248633
Quote:
News Corp has reached a $139m (£91m) settlement with shareholders over complaints filed against the company's board of directors.
The 2011 suit related to the company's UK phone-hacking scandal and the purchase of a UK TV production firm.
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Quote:
Trustees of Amalgamated Bank of New York and the Central Laborers Pension Fund, which are both News Corp shareholders, first filed a lawsuit in March 2011.
It was directed against News Corp's directors for overpaying when the company bought Shine Group, a UK TV production company, from News Corp's chairman and chief executive Rupert Murdoch's daughter Elisabeth.
They claimed that the takeover deal was "unfairly" priced and that the News Corp board of directors failed to challenge Mr Murdoch about the terms of the transaction.
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Quote:
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The pair then expanded their lawsuit in July 2011, to accuse the board of providing "no effective review or oversight" and permitting a "culture run amok" at the News of the World, which News Corp owned. The extent of phone hacking at the tabloid, then owned by News Corp, led to its closure in 2011.
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So some shareholders do have teeth.
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Hell is empty and all the devils are here. Shakespeare..
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