Rupert Murdoch Loses Succession Battle, Nevada Official Rules, Cites Mogul’s “Bad Faith” On Family Trust; Appeal Coming, Lawyer Tells NYT – Update
deadline.comUPDATE: Rupert Murdoch has suffered a rare defeat with a Nevada court official denying the 93-year-old media mogul’s wish to alter his family trust in favor of his eldest son Lachlan.
While the case took place behind closed doors in Reno earlier this year and all documents are under seal, Deadline has confirmed that commissioner Edmund J.
Gorman Jr. has rejected the elder Murdoch’s move. If successful, Murdoch’s reordering of the complex trust would have left once favored siblings Elisabeth and James, as well as eldest daughter Prudence almost powerless to make decisions counter to that desired by Fox and News Corp CEO Lachlan.
The New York Times first reported the decision. Gorman says in his almost 100-page December 7 ruling that the Australian-born Murdoch acted in “bad faith” seeking to restructure the trust between the siblings and the power balance at Fox News and other holdings once he is dead.
Read more on deadline.com
