News Corporation and Plaintiff Stockholders Reach Agreement to Settle Delaware Litigation
News Corporation (NASDAQ:NWS;NWSA;ASX;NWSLV), plaintiffs Amalgamated
Bank, as Trustee for the LongView LargeCap 500 Index Fund and the
LongView LargeCap 500 Index VEBA Fund, Central Laborers Pension Fund and
City of New Orleans Employees’ Retirement System, and lead plaintiffs'
counsel in the pending derivative litigation in Delaware, Bernstein,
Litowitz, Berger & Grossmann LLP, and Grant & Eisenhofer, P.A., today
announced a settlement in principle between the Company, the defendants
in the action, and the plaintiffs. The agreement, which is subject to
Court approval, will resolve a number of related complaints that were
filed against the directors of News Corporation by stockholders in
2011-2012 and consolidated into one legal action. The settlement is
outlined in a Memorandum of Understanding (“MoU”) which has been filed
with the Court and is available for review at www.newscorpderivativesettlement.com/pdf/mou.pdf.
Under the terms of the MoU, News Corporation will recover $139 million
in insurance proceeds, and build on significant steps the Company has
taken at the direction of its Board over the last year to strengthen its
global compliance structure and corporate governance. News Corporation
acknowledges the meaningful role the plaintiffs and their counsel played
in the Company’s continuing efforts to enhance the important compliance
and governance structures and policies that the Board and management of
News Corporation have adopted over the last year and are adopting as
part of the settlement. Also as a condition of the settlement, these
enhancements will be adopted by both companies that emerge from the
separation of News Corporation into two distinct, publicly listed
companies, and will remain in place until at least December 31, 2016.
About News Corporation
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets
as of December 31, 2012 of approximately US$63 billion and total annual
revenues of approximately US$34 billion. News Corporation is a
diversified global media company with operations in six industry
segments: cable network programming; filmed entertainment; television;
direct broadcast satellite television; publishing; and other. The
activities of News Corporation are conducted principally in the United
States, Continental Europe, the United Kingdom, Australia, Asia and
Latin America.
About NOMERS
The City of New Orleans Employees’ Retirement System was established and
placed under the management of the Board of Trustees and supported by a
full-time staff for the purpose of providing retirement allowances and
death benefits for all officers and employees of the city and the
parochial and judicial officers and employees of Orleans parish. The
retirement system is a defined benefit plan as defined by Section 401(a)
of the Internal Revenue Code. The original effective date of the
retirement system is July 1, 1947.
About Amalgamated Bank
Founded in 1923, Amalgamated Bank invests workers’ retirement savings
through its LongView Funds. With about $10 billion in assets under
management, the Bank works to enhance shareholder value through
corporate governance reforms at portfolio companies. Amalgamated Bank is
available online at www.AmalgamatedBank.com.
