Time Warner settled a securities-fraud case with the state of Alaska 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, alleged that Time Warner misrepresented the advertising revenue and growth at its AOL 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 investment portfolios,” Alaska revenue commissioner Patrick Galvin said in a prepared statement. “Today’s settlement represents a substantial recovery of those losses.”
The state filed the lawsuit in a bid to recover assets for Alaska State Pension Investment Board, the Alaska Permanent Fund Corporation and the Alaska Department of Revenue.
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