News Corp. Settles Class Action Lawsuit Involving News America Marketing Unit

(RTTNews) - News Corp. (NWSA, NWS) announced the settlement of a class action lawsuit alleging various antitrust claims arising out of past operations at its News America Marketing division.

Under the terms of the settlement with the plaintiffs, who consist of consumer packaged goods companies, the company will pay approximately $250 million, and the pending litigation will be dismissed, subject to court approval. Additionally the company will pay approximately $30 million to resolve related claims.

News Corp. said, "News America Marketing has consistently denied any wrongdoing in this case, which involves allegations relating to historical conduct reaching back as far as 1997. We are pleased to have concluded this settlement, which allows us to avoid the expense and uncertainty of further litigating this matter. While we had full confidence in our case, we believe this decision is in the best interests of our company and stockholders."

The case was first brought in December 2012, prior to the separation of News Corporation from 21st Century Fox in 2013. The trial began today in the U.S. District Court for the Southern District of New York.