$2.65 Billion AOL Class-Action Settlement Approved
US District Judge Shirley Wohl Kram has approved a $2.65 billion class-action settlement which 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, against AOL and Time Warner.
According to the deal approved by Kram, Time Warner will pay the bulk of the settlement while its auditor, Ernst & Young LLP, will pay $100 million.
The judge said it was clear that class members will not recover their entire loss, but added that the settlement was “all the more impressive” when the parties continue to dispute the very existence of damages.
The lead plaintiff was the Minnesota State Board of Investment, which manages the investment of retirement fund assets of the Minnesota State Retirement System, Teachers Retirement Association and the Public Employees Retirement Association.
Filed under Class Action, General Law, Settlements
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June 11th, 2007 at 11:33 am
Phil, any update on the appeal cited in the following email? I was not able to ‘google’ any reference to the appeal. tks….. don
Date: June 6, 2007 10:58:07 AM PDT
To: donhall@cruzio.com
We were informed yesterday that an appeal was filed. We will not have the final claim payout amount until the checks are issued.
Please continue to check with us on the status of the distribution.
Sincerely,
Michele Markham
Claims Administrator
Gilardi & Co, LLC
September 3rd, 2007 at 2:42 pm
I was awarded $200+ from the recent aol class action I received my check , then my breifcase was stolen from my car with the uncashed check in it………can you help me find how to stop and reissue another check.
September 14th, 2008 at 4:14 am
I was ripped off by AOl for a year causing 2000 dollars in OD fees! I was constantly fighting with bank and going in to figure out that AOl was taking 3 amounts a month from me! Unauthorized, i don’t have it anymore, I cancelled it! They acknowledged that I did, now i want my money back!
Cyndy Caron