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Time Warner Settles Pennsylvania Lawsuit

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At a glance:

Time Warner has settled a lawsuit by several Pennsylvania-based pension and investment funds which alleged fraud, misleading statements and improper accounting practices with regard to AOL stock. The company will pay $23 million according to the terms of the settlement. 
 
Time Warner acquired AOL in 2001 as the tech bubble was in decline, and allegedly overstated AOL's revenue in an effort to prop up the stock price. 
 
A class action suit with the same allegations was previously settled, but the Pennsylvania litigants had opted out of that suit.

Time Warner, others to pay $23M in suit

CNNMoney.com - 5/25/2006 7:37 PM

LOS ANGELES (Reuters) - Time Warner Inc. and other defendants including America Online and Ernst & Young have agreed to pay $23 million to settle a lawsuit accusing them of defrauding pension and investment funds in Pennsylvania, the state's Attorney General said Thursday.
 
The suit, filed in 2004 in state court, alleged that the company issued false and misleading statements concerning financial results and used improper accounting practices at its subsidiary America Online
 
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