Major US banks accuse Murdoch and News Corporation of corporate misconduct extending far beyond UK
Rupert Murdoch: accused by shareholders of running News Corp as his 'own personal fiefdom'. Photograph: Pool/Reuters
A prominent group of US banks and investment funds with substantial investments in News Corporation has issued a fresh legal complaint accusing the company of widespread corporate misconduct extending far beyond the phone-hacking excesses of News of the World.
The legal action, lodged in the Delaware courts, is led by Amalgamated Bank, a New York-based chartered bank that manages some $12bn on behalf of institutional investors and holds about 1 million shares of News Corporation common stock. Its lawsuit is aimed against the members of News Corp's board, including Rupert Murdoch himself, his sons James and Lachlan, and the media empire's chief operating officer, Chase Carey.
