Avon Pension Fund and others who owned News Corp stock from mid-February to mid-July 2011 charged in the class action suit that Rupert Murdoch, James Murdoch, former News Of The World editor Rebekah Brooks, and other execs at News Corp (before it split into two companies) committed fraud when the UK hacking scandal was unfolding. They told the public — including in testimony at Parliament — that it was just an isolated problem, and it wasn’t. When the widespread extent of the hacking became known in mid-2011, News Corp shares fell 17%, and it derailed the company’s plan to buy British Sky Broadcasting. But a U.S. District Court in New York dismissed the case today, Reuters reports. The problem? Judge Paul Gardephe said that the News Corp execs couldn’t be held liable for statements made before the period when the plaintiffs said that they lost money.”To hold otherwise would require adopting an ‘endless breach argument,’ which would permit plaintiffs to circumvent the well-settled rule that defendants are liable only for those statements made during the class period,” Gardephe says.
District Court Dismisses Hacking-Related Case Against News Corp.
What's Hot on Deadline
NY Times Responds To Bill O'Reilly Spokesman's Claims That They "Maliciously Smeared" Ex-Fox News Host — Updated
One America Appeal: Five Former Presidents Gather In Support Of Hurricane Relief, Donald Trump Praises Efforts
Disney ABC TV President Ben Sherwood Talks Industry "Imbalance Of Power," Shonda Rimes' Exit, State Of TV
Latest Business News
- One America Appeal: Five Former Presidents Gather In Support Of Hurricane Relief, Donald Trump Praises Efforts
- Disney ABC TV President Ben Sherwood Talks Industry “Imbalance Of Power,” Shonda Rimes’ Exit, State Of TV
- IATSE And Teamsters Condemn Sexual Harassment In The Industry
- Directors Guild Begins Process Of Kicking Out Harvey Weinstein
- Sex Abuse Silence Is Over, But Even The Academy Is Entitled To A Defense
- Fox Knew About Bill O’Reilly’s Big Sexual Harassment Settlement When They Renewed His Contract – Update