New York City’s pension funds have sued Fox Corp., alleging the company neglected its duty to shareholders by airing false statements about the 2020 election that exposed it to defamation lawsuits.
“Fox’s board of directors has blatantly disregarded the need for journalistic standards and failed to put safeguards in place despite having a business model that invites defamation litigation,” New York City Comptroller Brad Lander said in a statement to The Hill. Lander oversees the pension funds.
“A lack of journalistic standards and a proper strategy to mitigate defamation has clearly harmed Fox’s reputation and threatens their bottom line and long-term profitability,” he continued.
The Hill has reached out to Fox for comment.
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I’m don’t think I have any of my retirement funds in fox stock. I own so many diversified funds that I can’t say for sure though. No surprise a pension fund might have some fix stock. The unfortunate reality is you want to diversify and own a bunch of established “blue chip” type stocks and not really think about ethics…
I own mostly index funds, so I invest in fox :(