Cruden Financial Services, the sole trustee of the Murdoch Family Trust (MFT), and beneficiaries of the MFT completed a $3.3 billion transaction and resolved all legal proceedings in Nevada related to the MFT, resulting in the termination of all litigation.
Under the agreement, new trusts were established for the benefit of certain remaining Murdoch family members, and the departing beneficiary family members received cash consideration funded in part using proceeds from the public sale of certain shares of FOX Class B common stock and News Corporation Class B common stock previously held by the MFT. LGC Holdco, which owns the remaining shares of FOX and News Corporation, is owned by the remaining beneficiary trusts and voting control of such Fox and News Corporation shares will rest solely with Lachlan Murdoch.
The S&C team representing Cruden was led by Frank Aquila, Audra Cohen, Mimi Wu and Stephanie Taylor.