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A federal judge has approved a settlement that calls for Time Warner, the world's largest media company, to pay $2.65 billion to settle charges that AOL overstated its revenue to gain approval for the companies' megamerger.
Time Warner agreed last August to the settlement with a group of shareholders who accused AOL of inflating its revenue by $1.7 billion between January 1999 and August 2002.
U.S. District Court Judge Shirley Wohl Kram approved the settlement on Thursday.
I hope these shareholders sold there stock already :)
If the deal was done fairly the investors were repaid for their shares. This is not bad for the people who got duped, but yes, its not good for the overall share value of AOL. Its a general rule that bad managment is not good for share value.