Ruling in New York on Wednesday, US District Judge Shirley Wohl Kram denied requests by AOL Time Warner and various senior executives to throw out shareholder claims that transactions carried out between America Online and Time Warner prior to their merger artificially boosted AOL's stock price.
According to a Washington Post report, the federal judge concluded that the lead plaintiff in the class action suit against the firms, the Minnesota State Board of Investment, had provided sufficient evidence for the case to move forward.
However, claims against former AOL chairman, Steve Case, Time Warner chief executive, Richard D. Parsons and former Time Warner chief executive, Gerald M. Levin were thrown out, as were various bondholder claims.
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