Time Warner, Others to Pay $23M in Settlement
A Reuters newswire article, via CNN/Money, reports that:
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.More here.
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.
The conduct purportedly took place before, during and after the 2001 merger between Time Warner and AOL, Attorney General Tom Corbett said in a statement.
Time Warner representatives were not available for comment.
posted by Fergie @ 5/25/2006 05:12:00 PM
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