According to this AP article, Time Warner to Pay to Settle Pa. Lawsuit, Time Warner Inc., AOL, Ernst & Young, Morgan Stanley, Citigroup Global Markets, Banc of America Securities, and J.P. Morgan Chase agreed to pay $23 million to settle a lawsuit filed in Pennsylvania. The companies did not admit liability.
The suit relates to statements made by the companies in connection with the 2001 Time Warner/AOL merger. The plaintiffs, the Public School Employees' Retirement System, the State Employees' Retirement System, the Tobacco Settlement Investment Board, and the State Workers' Insurance Fund, filed the suit in 2004. They alleged "the companies misled investors about their financial health and caused four state public investment funds to lose at least $100 million."
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