In re AOL Time Warner Inc. Securities & ERISA Litigation

Plaintiffs' Memorandum in Opposition to Motion to Dismiss


This case covers all participants in the 401(k) plans offered by Time Warner (formerly AOL Time Warner), for whose individual accounts the plans held an interest in the AOL Time Warner Stock Fund (the “Fund”) from January of 1999 to July of 2003. The case alleges that Defendants breached their fiduciary duties by continuing to invest assets of the 401(k) plans in the Fund when AOL Time Warner stock had become artificially inflated as a result of materially false or misleading statements about revenue and earnings by senior management.

Schatz Nobel Izard P.C. was appointed Co-Lead Counsel by the United States District Court for the Southern District of New York.

This document is the Plaintiffs' memorandum in Opposition to the Defendants' Motion to Dismiss, which the Court denied.

After the Court denied Defendants’ Motion to Dismiss and Plaintiffs conducted substantial discovery, the Parties reached agreement to settle the case for $100 million. Following a hearing, the Court approved the Settlement on September 27, 2006. The Court has not yet decided a pending motion for the award of attorneys’ fees and expenses.

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Reference Info:Legal Memoranda: Motion Addressed to Pleadings | Federal, 2nd Circuit, New York | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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