Dominion, Fox News reach $787.5M settlement

Fox News and Dominion Voting Systems reached a last-minute $787.5 million settlement Tuesday over a defamation case stemming from the news corporation's claims of vote-rigging in the 2020 U.S. presidential election.

The breakthrough came as the trial by jury was about to start. The voting machine maker's suit asked for $1.6 billion in damages to its reputation caused by Fox News' repeated claims that the election using Dominion voting machines was rigged. Dominion has offices in the U.S., Canada and globally.

The settlement was announced by Delaware Superior Court Judge Eric Davis.

"Fox and Dominion have reached a historic settlement," Dominion Chief Executive Officer John Poulos said in a statement, as reported by CNN.

"Fox has admitted to telling lies about Dominion that caused enormous damage to my company, our employees, and our customers," he said.

"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 and endorsing lies."

Fox news personalities repeatedly said the 2020 presidential election was rigged, linking it to votes processed by Dominion and another company, Smartmatic. The latter is suing Fox News for $2.7 billion.

"Fox knew the truth," Dominion said in papers filed with the court. "It knew the allegations against Dominion were 'outlandish' and 'crazy' and 'ludicrous' and 'nuts.' Yet it used the power and influence of its platform to promote that false story."

In a statement, Fox News expressed relief that a settlement had been reached.

"We are hopeful that our decision to resolve this dispute with Dominion amicably, instead of the acrimony of a divisive trial, allows the country to move forward from these issues," it said.