Time Warner Inc., its AOL subsidiary and other defendants will pay $23 million to settle a Pennsylvania lawsuit that alleged the companies misled investors about their financial health and caused four state public investment funds to lose at least $100 million, state Attorney General Tom Corbett said May 25.
The lawsuit focused on the companies’ statements before, during and after their $106 billion merger in January 2001 that combined the world’s largest Internet provider and the world’s largest media company.
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