Fox Corp chairman Rupert Murdoch, his son Lachlan and other members of the company’s board were sued by an individual shareholder on Tuesday who claimed they failed to act against Fox News’ airing of conspiracy theories and misinformation about the 2020 presidential election, as the cable network prepares to face off in a defamation trial centered on its coverage this week.
In a suit filed with the Delaware Court of Chancery, Fox shareholder Robert Schwarz alleges that the board members “knowingly” allowed the network’s hosts to propagate falsehoods about the election being stolen.
The lawsuit accuses the board of being more concerned about the network’s “short-term ratings” while failing to grasp the “long-term damages” caused by the reporting of these falsehoods, Reuters reported.
The suit notes that, because of this, the company now faces two defamation cases brought against it by voting machine makers Dominion Voting Systems and Smartmatic USA, totaling $4 billion.
Schwarz's suit is based on multiple revelations that have emerged from filings linked to Dominion's $1.6 billion defamation lawsuit against the cable news network and its parent Fox Corp.
The investor is seeking damages for the company from the board alongside governance reforms.
Last month, Bloomberg Law reported that several firms are weighing so-called derivative suits—against Fox Corp’s board on behalf of investors. Schwarz’s suit appears to be the first of such suits...
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