Rupert Murdoch's News Corp. to Unveil Settlements in Phone Hacking Cases Thursday (Report)
The conglomerate's stock hits a 52-week high a day ahead of the expected announcement.
NEW YORK - News International, the U.K. newspaper arm of Rupert Murdoch's News Corp. is on track to announce settlements in many of the phone hacking cases brought against the conglomerate on Thursday, lawyers for the victims told Reuters on Wednesday.
The company has been working on settling cases ahead of a pre-trial hearing set for Thursday morning in front of a judge who is scheduled to start hearing test cases next month. Reuters said News Corp. is close to settlements, with many of the deals expected to be announced on Thursday, subject to the approval of the judge.
Financial details weren't immediately clear.
News Corp.'s Class A stock on Thursday hit a 52-week high of $19.42 before closing up 1.4 percent at $19.28. The stock recently managed to rise above its summer high before the renewed phone hacking controversy.
A spokeswoman for News International declined to comment, Reuters said. A News Corp. spokeswoman in New York also declined to comment.
Gerald Shamash, a lawyer representing five high-profile victims, including retired soccer star Paul Gascoigne and ex-Prime Minister Tony Blair's former spin doctor Alastair Campbell, told Reuters that all of his claims were in the process of being settled, but the deals would probably not be announced on Thursday.
News International is facing more than 60 phone hacking claims, Reuters said citing police.