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UVA's Phi Kappa Psi chapter to pursue legal action against Rolling Stone over article

The Phi Kappa Psi chapter at the University of Virginia is planning to pursue legal action against Rolling Stone magazine, CNN's Brian Stelter reported Monday.

Rolling Stone has retracted its story about a brutal gang rape that allegedly occurred at the fraternity house. An external review by the Columbia Journalism School found "systemic failures" in Rolling Stone's journalistic practices in producing the article.

Stelter reported that the fraternity has plans to "pursue all available legal action against the magazine," including a potential lawsuit. In a statement, chapter president Stephen Scipione said the retracted article is "a sad example of a serious decline of journalistic standards."