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News Corporation
, plaintiffs Amalgamated Bank, as
Trustee for the LongView LargeCap 500 Index Fund and the LongView LargeCap 500
Index VEBA Fund, Central Laborers Pension Fund and City of New Orleans
Employees' Retirement System, and lead plaintiffs' counsel in the pending
derivative litigation in Delaware, Bernstein, Litowitz, Berger & Grossmann
LLP, and Grant & Eisenhofer, P.A., today announced a settlement in principle
between the Company, the defendants in the action, and the plaintiffs. The
agreement, which is subject to Court approval, will resolve a number of
related complaints that were filed against the directors of News Corporation
by stockholders in 2011-2012 and consolidated into one legal action. The
settlement is outlined in a Memorandum of Understanding (“MoU”) which has been
filed with the Court and is available for review at
www.newscorpderivativesettlement.com/pdf/mou.pdf.
Under the terms of the MoU, News Corporation will recover $139 million in
insurance proceeds, and build on significant steps the Company has taken at
the direction of its Board over the last year to strengthen its global
compliance structure and corporate governance. News Corporation acknowledges
the meaningful role the plaintiffs and their counsel played in the Company's
continuing efforts to enhance the important compliance and governance
structures and policies that the Board and management of News Corporation have
adopted over the last year and are adopting as part of the settlement. Also as
a condition of the settlement, these enhancements will be adopted by both
companies that emerge from the separation of News Corporation into two
distinct, publicly listed companies, and will remain in place until at least
December 31, 2016.
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