The overworked lawyers at AOL Time Warner face yet another lawsuit connected with the media mammoth’s financial statements.
This time the plaintiff is West Virginia’s Investment Management Board, which oversees stock market dabbling on behalf of the state’s pension fund.
The suit – which mirrors recent legal action by the California and Ohio pension boards [WAMN: 21-Jul-03] – alleges that AOL TW executives, bankers and accountants fraudulently released incorrect financial documents preceding and following the 2001 deal between America Online and Time Warner.
The IMB claims it lost $9 million ($10.4m; £6.4m) as a result, though this is a fraction of the $450m and $100m being claimed by California and Ohio respectively.
Data sourced from: The Washington Post Online; additional content by WARC staff