FOX Defamation Lawsuit Settlement Likely To Be Covered By Libel Insurance

Fox News settled Dominion Voting Systems’ blockbuster defamation lawsuit on Tuesday afternoon, agreeing to a stunning $787.5 million payout -- the largest publicly known settlement in a US defamation case.

The whopping figure is unlikely to run the multi-billion dollar corporation dry, however. Fox Corp. had nearly $4.1 billion of cash on hand, according to comments made in February by company CEO Lachlan Murdoch.

Fox Corp., which also owns assets such as the broadcast network and streamer Tubi, has a market capitalization of $17.61 billion as of Tuesday.

"This is a staggering amount even for a company like Fox and hugely embarrassing," one former Fox executive, who didn’t want to speak publically about the company for professional reasons, told Insider. "And there’s unlikely to be any accountability for what happened."