Dear New Yorkers, 

Many of the nearly 800,000 current and future City employee retirees who are shareholders in NYC’s five pension funds are familiar with Fox News’ lies – about election fraud, the 2020 election, and more. 

But did you know, left unchecked, false claims undermine the long-term profitability of media giants like Fox News? 

That's why all five NYC pension funds filed a lawsuit against the Fox Corporation, the parent company of Fox News.

The danger to our pension funds – which hold about 857,000 shares in the Fox Corporation, valued at $28.10 million – comes from the network’s blatant disregard of journalistic standards and repeated promotion of lies, which has resulted in defamation lawsuits (including its recent $787.5 million election fraud settlement with Dominion Voting Systems) that create substantial clear risk for shareholder value. 

Despite the very clear and present risk of defamation lawsuits eroding shareholder value, Fox News executives and its board knowingly allowed lies on air. And as long as they continue to ignore these red flags, we are holding them accountable as long-term shareholders. 

I will always uphold my fiduciary duty to ensure long-term sustainability and security for generations of city workers to come. And my office will keep you updated as the litigation continues. 

Thanks, 

Brad