Lawsuit filed over bid for Dow Jones

An investor lawsuit has been filed in New York State court accusing the directors of Dow Jones & Co. and its controlling Bancroft family of failing to properly evaluate News Corp.’s $5-billion bid for the company.

Dow Jones said its board would not act on the offer after a majority of the Bancrofts, who control 64.2% of the voting stock, indicated they would veto a deal.

The suit, filed Thursday by Nora Vines, alleges that the Bancrofts and company directors exercised poor judgment and rejected the offer “in bad faith.”