 "News Corp in $139-mn shareholder lawsuit settlement")
News Corp said on Monday it reached a $139-million settlement with shareholders over the board of directors' actions related to the company's phone hacking scandal. The company said in a statement the money would come from insurance policies held by members of the board who were the defendants in the suits.
News Corp also said it would adopt enhanced corporate governance procedures, which would stay in place after the company's pending split.
Plaintiffs, including Amalgamated Bank and the New Orleans Employees' Retirement System, first sued in March 2011 over News Corp's acquisition of Shine Group Ltd, a company owned by Chairman Rupert Murdoch's daughter.
They amended the lawsuit in July 2011 to add claims related to the phone hacking scandal, which led News Corp shut down its British newspaper News of the World.
News Corp also said it would adopt enhanced corporate governance procedures, which would stay in place after the company's pending split.
Plaintiffs, including Amalgamated Bank and the New Orleans Employees' Retirement System, first sued in March 2011 over News Corp's acquisition of Shine Group Ltd, a company owned by Chairman Rupert Murdoch's daughter.
They amended the lawsuit in July 2011 to add claims related to the phone hacking scandal, which led News Corp shut down its British newspaper News of the World.