UPDATE: Wednesday, Sep 13, 2023 · 8:57:43 PM +00:00
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CathyM
Commenters pointed out that the Oregonian and KATU do finally have the news… but at least in my feed it’s almost buried at the bottom of the front page (see my comments far below)… certainly they don’t see it as big a news story as (Katu) an article on addiction crisis or (Oregonlive) ExNovo Brewing pending sale deal. Just saying.
UPDATE: Wednesday, Sep 13, 2023 · 5:22:16 PM +00:00
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CathyM
With thanks to Angela Marx’ comment below:
“It appears that they invested in Fox Corp not News Corp. The Fox Corp is the parent Corporation, and it owns wholly the News Corporation (which is where the Fox News Channel is owned).
So because the parent Corp owns the News Corp, they can sue the parent company for fiduciary issues which the subsidiary corporation has affected maliciously and purposefully by putting false information out.”
UPDATE: Wednesday, Sep 13, 2023 · 3:28:36 PM +00:00 · CathyM
And the Oregonian, whose bias seems more and more apparent, also has no online mention of this story — going instead with “Flowing River of Wine Fills Portuguese Streets”…. I guess that’s SO much more important than Oregon state pension funds… sheesh!
And they chose to pick up the AP story about Sudafed apparently being ineffective, even though AP has the Oregon lawsuit as a top story… curious… (not really; I watch the slant of these media outlets and their bias is clear to me). [Update; the FDA is actually looking at phenylephrine, a key ingredient in Sudafed and other OTC decongestants.]
UPDATE: Wednesday, Sep 13, 2023 · 3:22:14 PM +00:00 · CathyM
Not the slightest bit surprised, but Sinclair’s KATU has yet to even mention the story; leading online with a six year old falling down a sinkhole. Oh, and a “poll” about allowing “sexually explicit content in elementary school libraries.” The right-wing voice of Portland….
UPDATE: Wednesday, Sep 13, 2023 · 3:19:29 PM +00:00 · CathyM
CNN has picked it up. I’m still hoping to find a response from FOX:
www.cnn.com/…
New York City’s pension funds and state of Oregon sue Fox Corporation over 2020 election lies
... The lawsuit, which was filed under seal in the Delaware Court of Chancery and named Fox Corporation board members and its executives as defendants, accused the media company of having chosen to “invite robust defamation claims, with potentially huge financial liability and potentially larger business repercussions, rather than disappoint viewers of Fox News,” according to an excerpt of the complaint provided by the state of Oregon.
The lawsuit represents the most serious shareholder legal action taken against Fox since it settled a historic defamation lawsuit brought by election technology company Dominion Voting Systems earlier this year for a record $787.5 million.
Well, two good news stories in one day is a first for me! But I had to share this one — the State of Oregon is suing FOX News! As often happens it’s mixed good news… the fact that thousands of dollars of state pension funds were invested in FOX is definitely bad news, but the state now has standing to sue FOX for endangering their money by just lying continually. A very convoluted way to hold FOX accountable, to be sure, but whatever works.
According to Julia Shumway’s report in The Oregon Capital Chronicle:
Oregon Attorney General Ellen Rosenblum is suing Fox Corporation, alleging that false claims about the 2020 election broadcast on Fox News caused losses to the state’s employee retirement funds.
Rosenblum and Treasurer Tobias Read, who oversees state investment accounts, began investigating Fox and preparing for a lawsuit in June. Their suit, filed Tuesday in the Delaware Chancery Court alongside the New York City Pension Funds, alleges that Fox knew its employees were broadcasting political claims without regard for truth and made no good-faith efforts to monitor or mitigate defamation risk, unlike almost every other news organization in the country.
“The board of Fox Corporation took a massive risk in pursuing profits by perpetuating and peddling known falsehoods,” Rosenblum said in a statement. “The directors’ choices exposed themselves and the company to liability and exposed their shareholders to significant risks. That is the crux of our lawsuit, and we look forward to making our case in court.”
...As of December 2022, about $11.7 million of Oregon’s $92 billion in state retirement funds were invested with Fox Corporation. That figure dipped substantially over the past several months, and Oregon now holds shares of Fox stocks worth approximately $5.2 million, according to the Attorney General’s Office.
...Read said in a statement that the suit is necessary to fulfill the state’s obligations to retired public employees.
So yet another path to making FOX pay for their egregious lies, and perhaps make them think twice about repeating that trick in 2024.