News Corp. Agrees to $139 Million Investor-Suit Accord

News Corp.’s directors agreed to a $139 million settlement of investors’ claims that they turned a blind eye to illegal conduct at the media company, including phone hacking by employees.

Insurance covering News Corp.’s board, including Chairman Rupert Murdoch, will fund the settlement of lawsuits seeking to hold directors accountable for the scandal sparked by the exposure and attempted cover-up of illegal reporting tactics used by some News Corp. journalists in the U.K., according to a statement today by the company and shareholders who sued. The money will go into News Corp.’s coffers rather than to individual investors.