News briefs: Sun cuts staff

17.04.2006

$2.65B settlement of AOL suit OK'd

A judge approved a $2.65 billion settlement of a lawsuit brought against Time Warner Inc. by shareholders that alleged that America Online Inc. improperly accounted for revenue in the years preceding and following the AOL-Time Warner merger. Judge Shirley Wohl Kram of the U.S. District Court in New York ruled that the settlement of the class-action lawsuit is fair, reasonable and adequate. A Time Warner spokeswoman declined to comment on the settlement.