Shareholders sue Murdoch for buying daughter's firm
Reuters, March 17, 2011
March 16, 2011 at 08:00 PM
1 minute read
The original version of this story was published on Law.com
(Reuters) – The board of News Corp (NWSA.O) has been sued by shareholders for agreeing to buy a business owned by Chairman Rupert Murdoch's daughter for about $675 million, according to a lawsuit filed on Wednesday.
A trustee for several retirement funds said the board of News Corp approved the “unfairly” priced deal without questioning or challenging the elder Murdoch, who founded the company and is also chief executive.
News Corp spokeswoman Teri Everett described the suit as “meritless”.
The chairman of News Corp said he expected his daughter Elisabeth to join his company's board after buying her Shine Group television production business.
Read the full Reuters story, “Shareholders sue Murdoch for buying daughter's firm.”
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