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Stockholder group sues Murdoch

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Stockholders sue MurdochA News Corp. stockholder group Monday sued Rupert Murdoch, saying they found it hard to believe he was unaware of the phone-hacking scandal at a tabloid. The shareholder group includes banks and pension funds. The shareholder group accused Murdoch of "rampant nepotism" and viewed his media holdings as a "family candy jar," The Guardian reported.

The News of the World ended publication after 168 years Sunday, as anger mounted over allegations of phone hacking of public officials and private citizens, as well as corruption.

The suit, filed in Delaware where News Corp. is incorporated, also said it was "inconceivable" Murdoch and son James Murdoch didn't know about the phone-hacking that allegedly went on at News of the World.

"These revelations should not have taken years to uncover and stop," the filing said. "[They] show a culture run amok within News Corp and a board that provides no effective review or oversight."

The shareholders also said in their suit Murdoch's interference with good corporate governance led to a "Murdoch discount" that depressed the value of stock shares below those of other similar media companies.

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