NYC pension funds and state of Oregon sue Fox over 2020 election coverage
New York City’s pension funds and the state of Oregon are suing Fox Corporation over Fox News' 2020 election coverage
NEW YORK — New York City's pension funds and the state of Oregon sued Fox Corporation on Tuesday, alleging the company harmed investors by allowing Fox News to broadcast falsehoods about the 2020 election that exposed the network to defamation lawsuits.
The lawsuit, filed in Delaware, accuses the company of inviting defamation claims by amplifying conspiracy theories about the election, including a suit Fox News agreed to settle for nearly $800 million with the voting machine company Dominion Voting Systems.
“Fox’s board of directors has blatantly disregarded the need for journalistic standards and failed to put safeguards in place despite having a business model that invites defamation litigation,” said New York City Comptroller Brad Lander, who manages the city's pension funds.
A spokesperson for Fox Corporation declined to comment.
New York City's pension funds are long-term shareholders of Fox Corporation, with shares valued at $28.1 million as of the end of July. Oregon holds shares in the company worth approximately $5.2 million.
The complaint, which does not specify what damages it seeks, alleges Fox's board decided to broadcast former President Donald Trump's election falsehoods in order to satisfy his supporters, while knowing that doing so would expose the company to lawsuits.
“Defendants chose to invite robust defamation claims, with potentially huge financial liability and potentially larger business repercussions, rather than disappoint viewers of Fox News,” the lawsuit said.
In April, Fox News agreed to pay Dominion Voting Systems $787.5 million to avert a trial in the voting machine
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