New York City's pension funds and Oregon's state retirement fund sued Fox Corp. and its board of directors on Tuesday, alleging they ignored the risk of Fox News' persistent false reporting and "chose to invite robust defamation claims" at the expense of the company's shareholders.
Unlike other media companies that try to minimize their exposure to defamation claims, Fox News promotes political narratives without regard for whether its broadcasts are based on facts or credible sources and chooses to profit from defamation, according to a partial copy of the complaint provided by the New York City Comptroller's Office.
The full complaint was filed under seal in Delaware state court by the New York City Employees' Retirement System, New York City Board of Education Retirement System, New York City Fire Department Pension Fund, New York City Police Pension Fund, New York City Teachers' Retirement System and the Oregon Public Employee Retirement Fund.
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The pension funds are represented by Julie G. Reiser, Molly J. Bowen and Brendan Schneiderman of Cohen Milstein Sellers & Toll PLLC, Joel Friedlander, Jeffrey M. Gorris and Christopher M. Foulds of Friedlander & Gorris PA, and Katherine L. Benson, Nicholas Diamand and Gabriel Panek of Lieff Cabraser Heimann & Bernstein LLP.