News Corp shareholders lodge complaint against Rupert Murdoch

[alp227]

Source: The Guardian

A prominent group of US banks and investment funds with substantial investments in News Corporation has issued a fresh legal complaint accusing the company of widespread corporate misconduct extending far beyond the phone-hacking excesses of News of the World.

The legal action, lodged in the Delaware courts, is led by Amalgamated Bank, a New York-based chartered bank that manages some $12bn on behalf of institutional investors and holds about 1 million shares of News Corporation common stock. Its lawsuit is aimed against the members of News Corp's board, including Rupert Murdoch himself, his sons James and Lachlan, and the media empire's chief operating officer, Chase Carey.

In the complaint, the shareholders accuse the board of allowing Murdoch to use News Corp as his "own personal fiefdom". In addition to the phone-hacking scandal at the News of the World, the complaint focuses on the controversial business tactics of two News Corp subsidiaries in America, its advertising arm News America Marketing and a manufacturer of satellite TV smart cards called NDS Group Plc.

In legal documents, the shareholders allege that the two companies were accused by multiple parties of "stealing computer technology, hacking into business plans and computers and violating the law through a wide range of anti-competitive behaviour".

Read more: http://www.guardian.co.uk/media/2011/sep/13/news-corporation-shareholders-complaint

[RUMMYisFROSTED]

1. Am I supposed to rally behind Amalgamated Bank?

:shrug:

[Cirque du So-What]

3. The enemy of my enemy...

I'm probably the last guy who'd cheer on bankers, but if it means trouble for 'Sir' Ruprecht Morlock, then GO AMALGAMATED! Financial institutions wouldn't be saying shit if News Corp was making money - and they didn't for many years - but losing money is the unpardonable sin that drives this legal action.

[dipsydoodle]

10. News Corp shares

Have gone back to more or less what they were prior to the BSkyB bid.

Big deal. How have other companies done in the period ?

[dtexdem]

5. No, just sit back and laugh as they try to tear each other down.

There is, after all, no real honor among thieves.

[KansDem]

2. The irony!!!

Bankers accusing Murdoch of "widespread corporate misconduct."

:rofl:

[SoapBox]

4. Ditto...Hilarious!

[Kingofalldems]

6. K and R all Murdoch scandal threads

[qb]

7. Really, the shareholders are only upset that Murdoch got caught.

Capitalism is about doing whatever you can get away with in order to maximize profits.

[Hart2008]

8. The truth about Murdoch's evil empire of propaganda must be heard!

:kick:

[Uncle Joe]

9. Kicked and recommended.

Thanks for the thread, alp.:thumbsup:

[Crowman1979]

11. OMG! What will these poor investors do?

:sarcasm: :nopity:

[lindysalsagal]

12. They'll have their own personal first-class bread line, upholsterred seats, free drinks...

I'm crying already.

Tsk tsk, Rupert. Don't you know, corporations are people!