Fox Corp.'s $787.5 million settlement with Dominion Voting Systems over defamation charges is eye-popping, but the ultimate cost to the media company is likely to be much lower.
A study by the Government Accountability Office in 2005 found that of 34 settlements totaling over $1 billion, 20 companies reported deducting some portion or all of their settlement payments. Big banks such as Bank of America and JPMorgan Chase reportedly also deducted portions of their settlements of charges tied the financial crisis of 2008.
“It’s not hard to stack up $100 million but as you go higher than that, it gets harder and harder,” Milton said. One wrinkle: even if an insurance company pays a substantial part of the settlement, there could be an annual aggregate limit of liability, which could mean that insurers wouldn’t cover another big-money settlement.
MoffettNathanson's Fishman said everything indicates the company will be able to run its business as usual.
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