US pension funds and other institutional investors have filed an amended complaint alleging "rampant nepotism" and "failed corporate governance" at News Corp in light of the ongoing British phone hacking scandal.
In addition to pre-existing allegations of abuse by News Corp chairman and CEO Rupert Murdoch, the amended complaint addresses revelations involving News Corp's Sunday tabloid the News of the World, whose editors admitted to hacking the mobile phones of a raft of public officials, celebrities, members of the royal family and 13-year-old murder victim Milly Dowler. Shareholders led by Amalgamated Bank, trustee for several LongView investment funds, along with Central Laborers Pension Fund and other public pension funds, allege because the board did not intervene when it learned of these p...
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