Time Warner to Pay Over $500M in AOL Settlement

washingtonpost.com ^ | Wednesday, December 15, 2004 | David A. Vise

[crushelits]

Time Warner Settles AOL Charges

Time Warner Agrees to Pay More Than $500 Million to Settle Criminal, Civil Allegations

Time Warner Inc. has agreed to pay more than $500 million to settle wide-ranging criminal and civil allegations that its America Online division improperly pumped up revenue and engaged in other unlawful practices before and after the two companies merged in 2001.

Time Warner had set aside roughly that amount to cover the estimated costs of resolving both Justice Department and Securities and Exchange Commission charges stemming from an array of practices by Dulles-based AOL, the one-time Internet juggernaut.

A $210 million settlement with the Justice Department, announced today, includes $60 million in fines, and $150 million for a civil litigation fund and to cover other governmental costs from the probe. The agreement with the Justice Department also calls for the naming of an independent monitor to ensure AOL's compliance with mandated changes in practices and various other terms of the settlement.

[7.62 x 51mm]

Liberal-demokkkRAT-socialist-whiner-commie-nazi-punk-fascist-butt-boy lowlife Case & Co, need some serious prison time with major subhumans. That's film-worthy, IMO.