Deals
Amended News Corp. Lawsuit Decries ‘Culture Run Amuck’
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Allegations of phone hacking at News Corp.’s News of the World show a “culture run amuck” and indicate the board “provides no effective review or oversight,” Amalgamated Bank of New York said in an amended lawsuit.
Amalgamated, as a trustee for funds through which it holds almost 1 million News Corp. shares, sued the directors on behalf of the company in Delaware Chancery Court in Wilmington in March. The bank accused Chief Executive Officer Rupert Murdoch of nepotism in the purchase of Shine Group Ltd., his daughter’s U.K.-based television production company.