Wednesday, 28 November 2012

News Corp US shareholders sue over hacking

A class action against News Corp has been filed by disgruntled shareholders in New York’s Southern District Court. The suit brought against News Corp, News International, and certain directors including Rupert Murdoch,James Murdoch, Les Hinton and Rebekah Brooks, alleges that the individuals violated the US Securities Exchange Act.
Brooks’ lawyers, in an 18-page submission, applied to the Court to have the action against her dismissed on the basis that the Action has failed to allege any facts to support a claim against her and that “no injury” was caused by any act in the US, and that the Court has no jurisdiction over her. Brooks herself was employed by a UK-based operation (News International Group Ltd).

The Class Action itself argues damages to the plaintiffs in that News Corp’s share price fell some 17 per cent in July last year as the News Corp phone hacking’ scandal came to a head.


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