What’ll this do to the companies’ share prices?
Channel 4 news is reporting that according to police estimates there are potentially upwards of 4,000 victims of the hacking scandal.
Clearly we won’t know the details of each case but many, if not most of the victims, could have some sort of legal redress against News International or one of the other media organisations.
Given the reported pay-outs so far, all settled quietly out of court, then we could be talking of, say an average settlement Â£0.25m. That sum multiplied by 4,000 is a billion pounds.
Whatever there’s a huge amount of potential work for the lawyers some of who are going to do very nicely out of the scandal.