Claims of Fox News choosing conspiracy theories over disappointing its viewers are causing trouble.
New York City pension funds and the state of Oregon have jointly filed a lawsuit against Fox News. They are accusing the media giant of neglecting its fiduciary duties to the shareholders.Â
Harmful Repercussions For The Business
The lawsuit cleans that Fox News has allowed conspiracy theories around it to lead to several defamation lawsuits.
The shareholders claim that the media giant and its board of directors have chosen to invite robust deformation claims. The claims come with huge financial liability and harmful repercussions for the business.
The Statements Against Fox
The New York City Comptroller Brad Lander has commented on the matter. He added-
“We are shareholders at a company that, unfortunately, has a longstanding practice of allowing conspiracy theories that its executives and its board know are false to be repeated over and over and over again, despite the very clear and present risk of defamation lawsuits eroding shareholder value.”
Lander has called out the company for making no effort to fix the damage done by these theories. “no effort to make governance reform,” he said.
He has also added that no one likes to lose their money as a result of lawsuits which now seem completely preventable.
“Known Falsehoods”
The Oregon Department of Justice said that one of the investors in the popular Media Company, Fox News, is the Oregon Public Employee Retirement Fund.
As a “Fox investor”, they also hold that “the board of Fox Corporation took a massive risk in pursuing profits by perpetuating and peddling known falsehoods.”
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