Fox, Dominion Reach $787.5M Settlement In Defamation Case Over 2020 Presidential Election Falsehoods

Fox Corp FOX and Fox News reached a resolution on Tuesday in a defamation lawsuit filed by Dominion Voting Systems before the trial began. Here's what you need to know. 

What To Know: The judge in the case said the two parties resolved the lawsuit centered around false vote-rigging claims from the 2020 United States presidential election, according to a Reuters report. 

Dominion Voting Systems CEO John Poulos issued a statement to a crowd of reporters following the settlement. 

"Fox and Dominion have reached a historic settlement. Fox has admitted to telling lies about Dominion that caused enormous damage to my company, our employees and the customers that we serve. Nothing can ever make up for that. Throughout this process, we have sought accountability and believe the evidence brought to light through this case underscores the consequences of spreading lies," Poulos said. 

Dominion had sought $1.6 billion in damages in the lawsuit filed in 2021. A lawyer for Dominion has confirmed the two parties agreed on a settlement of $787.5 million Tuesday afternoon. 

The trial was set to begin on Monday before the judge ordered a one-day postponement to allow time for the two sides to reach a potential deal. The judge was set to rule on whether Fox would be held liable for airing claims that Dominion's ballot machines manipulated the vote count, favoring current President Joe Biden over then-President Donald Trump. 

Fox News is the most-watched cable news network in the United States, according to Nielsen data cited by Reuters.

FOX Price Action: Fox shares were down 0.42% after hours at $31.07 following news of the settlement, according to Benzinga Pro.

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