MLBF’s complaint accuses Rupert Murdoch and other directors of the media conglomerate with two counts against the company’s directors for breaching their fiduciary duty, one breach of fiduciary duty count individually against Murdoch and one count of corporate waste against the company’s directors.
The claim is the second lawsuit to be filed against News Corp. in Chancery Court in recent months. In March, Amalgamated Bank, as a trustee for several investment funds that together own about 1 million shares of News Corp., filed a suit accusing the company of breaching its fiduciary duty because it recently purchased Shine Group Ltd., a television and film production company owned by Murdoch’s daughter, Elisabeth, for $675 million. Amalgamated amended its original complaint earlier this month, alleging that the phone hacking scandal also constitutes a breach of fiduciary duty on behalf of the company’s directors. Grant & Eisenhofer of Wilmington is representing the plaintiffs.
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