Class action settlement of $2.65 billion approved
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 deal Thursday. She had given the settlement tentative approval in September 2005.
MSN reports that the settlement resulted from lawsuits brought by shareholders who complained that AOL improperly accounted for dozens of advertising transactions, inflating revenue for 15 quarters between 1998 and 2002.
AOL and Time Warner announced they were merging in early 2000. AOL's steadily declining dial-up subscriber base became a drain on Time Warner, though the Internet provider has risen in stature with the recent boom in online advertising.
U.S. District Judge Shirley Wohl Kram signed a ruling approving the deal Thursday. She had given the settlement tentative approval in September 2005.
MSN reports that the settlement resulted from lawsuits brought by shareholders who complained that AOL improperly accounted for dozens of advertising transactions, inflating revenue for 15 quarters between 1998 and 2002.
AOL and Time Warner announced they were merging in early 2000. AOL's steadily declining dial-up subscriber base became a drain on Time Warner, though the Internet provider has risen in stature with the recent boom in online advertising.
posted by JohnBowie at 4:16 PM
0 Comments:
Post a Comment
<< Home