“Fox’s board of directors has blatantly disregarded the need for journalistic standards and failed to put safeguards in place despite having a business model that invites defamation litigation,” New York City Comptroller Brad Lander said in a statement to The Hill. Lander oversees the pension funds.
“A lack of journalistic standards and a proper strategy to mitigate defamation has clearly harmed Fox’s reputation and threatens their bottom line and long-term profitability,” he continued.
The Hill has reached out to Fox for comment.
The five pension funds represent more than 800,000 current and retired workers and are long-term investors in Fox shares. They held about $28 million in shares as of July 31.