New York City’s pension funds and Oregon filed a lawsuit against Fox Corporation on Wednesday accusing it and its board of repeatedly broadcasting false information about the 2020 presidential election, allegedly exposing itself to defamation lawsuits that could reduce shareholder value—a claim that comes months after Fox settled its $787 million defamation lawsuit with Dominion Voting Systems.
The lawsuit, which also alleged Fox made “no good-faith efforts to monitor for or mitigate defamation risk,” said the media company’s model was based on promoting false claims, according to a statement from the Oregon Department of Justice.
Oregon Attorney General Ellen Rosenblum added in the statement that Fox’s board of directors “took a massive risk in pursuing profits by perpetuating and peddling known falsehoods.”
New York City’s pension funds held about 857,000 shares of Fox stock worth $28.1 million, according to the New York Times, which first reported the news and cited a spokeswoman for the city comptroller.
The complaint does not specify damages being sought, according to the Times, which added plaintiffs are seeking “governance and ethics reforms” at Fox.
Oregon is representing the Oregon Public Employee Retirement Fund, a Fox investor that held more than 225,000 shares of Fox stock worth approximately $5.2 million, the state Justice Department added.
A Fox spokesperson declined to comment and told Forbes Tuesday its legal team did not have the filing...
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