CalPERS Wins Suit Against Time Warner

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Time Warner Inc. has agreed to pay $118 million to settle a lawsuit brought by the California Public Employees Retirement System over the 2001 merger with AOL.


Calpers’s 2003 suit alleged accounting irregularities at AOL, which merged with Time Warner in January 2001.


Time Warner’s settlement with Calpers joins previous settlement with Ohio and five state pension funds to pay $144 million for similar charges. Time Warner also agreed to pay $260 million to end a suit led by the University of California as well.


Calpers said in a statement that it received about 17 times the amount it would have had it remained in a class action suit.

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