Lack of Standing Foils Fox Shareholder's Lawsuit Against Officers in Del. Court of Chancery

Chancellor Andre Bouchard wrote that a Fox stockholder hadn't adequately proven that about $82.4 million in stock given to Rupert, James and Lachlan Murdoch interfered with the company's sale to Disney and therefore didn't have standing to bring derivative claims.

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21st Century Fox headquarters in Manhattan. Photo: RozenskiP/Shutterstock.com

Narrowing what actions can be brought by Delaware companies’ stockholders in the context of a merger, a Court of Chancery opinion filed June 26 dismissed claims brought against former 21st Century Fox executives, including three members of the Murdoch family.

In his memorandum opinion, Chancellor Andre Bouchard wrote that a Fox stockholder hadn’t adequately proven that about $82.4 million in stock given to Rupert, James and Lachlan Murdoch interfered with the company’s sale to Disney and therefore didn’t have standing to bring derivative claims.

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Ellen Bardash

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