Judge Okays AOL Class Action Settlement |
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Associated Press News Wire (ap@telecom-digest.org) Fri, 7 Apr 2006 19:25:17 -0500
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A judge has approved a $2.65 billion class-action settlement of claims that advertising revenue was counted in a fraudulent manner prior to the merger of America Online Inc. and Time Warner Inc.
U.S. District Judge Shirley Wohl Kram signed a ruling approving the
The settlement resulted from lawsuits brought by shareholders who
AOL and Time Warner announced they were merging in early 2000. AOL's
According to the deal approved by Kram, Time Warner will pay the bulk
The judge noted in her ruling that the settlement resulted from seven
She said it was clear that class members will not recover their entire
She said the settlement had received overwhelming support by nearly
The lead plaintiff was the Minnesota State Board of Investment, which
The Minnesota board, with total assets exceeding $50 billion, lost an
Kathy McKiernan, a Time Warner spokeswoman, said the company had no
Copyright 2006 The Associated Press.
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