Let the lawsuits begin. The students who were smeared by this fraudulent story deserve justice.

FOX News reports.

Fraternity in discredited UVA rape story vows legal action against Rolling Stone

Phi Kappa Psi, the fraternity at the center of the discredited Rolling Stone magazine story about an alleged gang rape at the University of Virginia, said Monday it plans to pursue “all available legal action” against the magazine.

“Our fraternity and its members have been defamed,” chapter president Stephen Scipione said in a statement.

The fraternity called the story “reckless,” saying that the article was viewed by millions, led to members being ostracized and there was vandalism of the fraternity house.

Rolling Stone late Sunday formally retracted the discredited story about the alleged rape at Phi Kappa Psi after an independent review dubbed the article a “journalistic failure.”

The review, undertaken by the Columbia Graduate School of Journalism at Rolling Stone’s request, produced a 12,000-word report that documented lapses in standard journalistic procedure at every level of the magazine during the reporting and editing of the story.

The report was authored by dean Steve Coll and academic dean Sheila Coronel.

“I think the real casualty of the report is the University of Virginia’s trust in journalism,” said Abraham Axler of New York City, president of the university’s Student Council. “I don’t think any University of Virginia student going through this will ever read an article the same way.”