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Article: This Just In.(Time Warner Inc. settles fraud case with Alaska, United States Tennis Association to acquire stakes in Tennis Channel, EchoStar Communications names David Goodfriend as lobbyist)
- Article from:
- Multichannel News
- Article date:
- December 11, 2006
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By Staff
Time Warner Settles Case With Alaska
Staff
Anchorage, Alaska -- Time Warner Inc. settled a securities fraud case with the state of Alaska on Friday. While the company agreed to pay $50 million to the state, it did not admit any wrongdoing.
Alaska, which filed the suit in 2004 in Juneau Superior Court, had alleged that Time Warner had misrepresented the advertising revenue and growth at its America Online unit, in addition to the number of AOL subscribers.
"The corporate scandals on Wall Street in the past several few years required us to seek recovery of the millions of dollars the state of Alaska lost from its ...