A $2.65 billion settlement between Time Warner and investors who lost out as a result of its disastrous merger with AOL has received the approval of the judge overseeing the case.
The class action brought against the firm had claimed that transactions carried out between America Online and Time Warner prior to their merger improperly inflated revenue between 1998 and 2002, thereby artificially boosting AOL's stock price.
Speaking with regard to the settlement, which received tentative approval in September of last year, Judge Shirley Wohl Kram revealed that it had received "overwhelming support" from the vast majority of claimants in the case, and stated that in her opinion, it was "fair, reasonable and adequate".
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