November 2, 2018
In the wake of the high-profile revelations of sexual harassment and workplace misconduct at Fox News, Senior Counsel Rebecca Boon was a senior member of the BLB&G team that prosecuted the shareholder derivative litigation arising from the fallout at the embattled network. Drawing on her experiences, Ms. Boon was featured as the narrator in a video documentary produced by Dow Jones’ MarketWatch, discussing both BLB&G’s litigation and the potential for shareholder litigation to create meaningful change in the boardroom.
In the MarketWatch documentary, entitled “What the #metoo movement means for investors,” Ms. Boon discusses how workplace misconduct impacts shareholder value, and how investors can use their power and influence to force the Boards and management of corporate America to address and remedy workplace misconduct issues in ways never before realized.
The lawsuit against Twenty-First Century Fox, Inc., a subject of the video, was filed by Fox shareholder the City of Monroe (Michigan) Employees' Retirement System following public disclosures of sexual harassment allegations against Fox News’ Chairman and other senior management and broadcast personalities. After nearly 18 months of litigation, discovery, and negotiation related to the shocking misconduct and the Board’s extensive alleged governance failures, the parties unveiled a landmark settlement with two key components: 1) the first-ever Board-level watchdog of its kind – the "Fox News Workplace Professionalism and Inclusion Council" of experts (WPIC) – majority independent of the Murdoch family, the Company and Board; and 2) one of the largest financial recoveries – $90 million – ever obtained in a pure corporate board oversight dispute. The WPIC is expected to serve as a model for public companies in all industries.
The video highlights the role investors can play to make certain companies are serious about, and committed to, creating safe and healthy working environments.
External Link: Click here to view video. (link will open in a new window)