| AOL TIME WARNER ERISA CLASS ACTION SETTLEMENT |
website is designed to keep class members informed about the In re AOL Time Warner ERISA Litigation Class Action Settlement. SETTLEMENT DISTRIBUTION IS COMPLETE Plaintiffs’ Co-Lead Counsel are pleased to announce that Fidelity, the Plan administrator, has completed the process of depositing each eligible class member’s portion of the Settlement into their individual Plan account. Pursuant to the Court-approved Amended Plan of Allocation, class members who have an account in the Plan had their portion of the Settlement deposited into his/her Plan account. Class members who no longer participate in the Plan had a new account created by Fidelity for their Settlement proceeds. The methodology utilized to determine eligibility for the Settlement distribution is detailed in the Amended Plan of Allocation, which is available on this website. If you have questions regarding your Plan account, you may contact Fidelity at 1-800- 354-3435. If you have questions for Plaintiffs Co-Lead Counsel, please call 1-800- 613-8579. Please do not call Time Warner or the Court with your questions.
On October 25, 2006, a member of the settlement class filed a Notice of Appeal with the United States Court of Appeals for the Second Circuit from the Order and Final Judgment, signed by Hon. Shirley Wohl Kram, dated September 27, 2006. However, we are pleased to announce that on December 21, 2006, the Appeal was formally withdrawn and on December 22, 2006 a Stipulation and Order Dismissing Appeal was signed and entered by the appellant. At this time, the final and effective date of the settlement will not be determined until the Court enters its decision regarding Plaintiffs’ Motion for the Award of Attorneys’ Fees, Reimbursement of Expenses and Case Contribution Compensation to the Named Plaintiffs. To this end, David H. Pikus, Esq. of the law firm Bressler, Amery & Ross has been appointed by the Court as special master with regard to helping the Court review Plaintiffs' above-mentioned Motion. The Court’s decision in this matter will be posted to this website when it becomes available. As before, please contact Class Counsel at our new email address: aoltwERISAsettlement@sbtklaw.com or call, toll free, at 1-800-613-8579 if you have additional questions, need to report a change of address or would like further assistance. SETTLEMENT IS APPROVED
Wohl Kram approved the $100 million Settlement of this matter. After careful consideration of the circumstances and relative risks of this complex litigation, Judge Kram found the Settlement to be fair, reasonable and adequate. Fidelity, or any successor Plan Trustee, or an Agreed Calculation Administrator will soon begin the process of calculating each class member's portion of the Settlement proceeds according to the court-approved Plan of Allocation. Account information for each class member has been retained, so you need not do anything further. Please continue to visit this website for updates about the Settlement. Follow this link to view the court’s Opinion as well as the Order and Final Judgment. Final Fairness Hearing Held July 19, 2006
19, 2006. Class Counsel for Plaintiffs presented motions for final approval of the Settlement and its terms, for attorneys' fees and expenses and Named Plaintiffs' case contribution awards. The Court has taken all Motions and information presented at the Hearing and in Plaintiffs' supporting papers under advisement. The Court's final decisions regarding Plaintiffs' Motions will be posted as soon as they are available. Please follow this link to view the Final Fairness Hearing Transcript. The operative Complaint in the Action, filed on July 3, 2003, alleges that
purposes of this site) and other fiduciaries of Time Warner’s 401(k) defined contribution retirement plans violated ERISA by, among other things, (1) failing to prudently manage the assets of the Plans, (2) failing to provide required disclosures to the participants and beneficiaries of the Plans and (3) failing to properly appoint, monitor and inform other fiduciaries of the Plans. Named Plaintiffs (Barbara Grant, Rita Roberts and Steven Winfield) allege that the Defendants (Time Warner (as defined herein), Time Warner Entertainment Company, L.P., Stephen M. Case, Gerald M. Levin, Kenneth J. Novack, Daniel F. Akerson, James L. Barksdale, Frank J. Caufield, Miles R. Gilburne, Robert W. Pittman, Robert E. (Ted) Turner, Richard D. Parsons, Stephen F. Bollenbach, Carla A. Hills, Reuben Mark, Michael A. Miles, Franklin D. Raines, Francis T. Vincent, Jr., J. Michael Kelly, Wayne H. Pace, Christopher P. Bogart, Richard J. Bressler, the AOL Time Warner Savings Plan Administrative Committee, the AOL Time Warner Thrift Plan Administrative Committee, Pascal Desroches, Peter R. Haje, John A. LaBarca, Shelly D. Fischel, Derek Q. Johnson, Carolyn K. McCandless, R. Mackereth Ruckman, Andra D. Sanders, Paul D. Williams, the Time Warner Cable Savings Plan Administrative Committee, Glenn A. Britt, Charles W. Ellis, Landel C. Hobbs, Beth A. Wann, Ann L. Burr, Tommy J. Harris, Thomas M. Rutledge, the AOLTW Investment Committee, Raymond G. Murphy, Joseph A. Ripp, Mark A. Wainger, and Frederick C. Yeager) knew or should have known that AOLTW stock was not a prudent retirement investment during the Class Period and that the Defendants acted imprudently by not preventing further investment in AOLTW stock and not liquidating the Plans’ AOLTW common stock holdings.
duties by failing to provide Plan participants with complete and accurate information about Time Warner (or it corporate predecessors, such as AOL Time Warner). Judge Shirley Wohl Kram of the United States District Court for the Southern District of New York (the “Court”) has not decided in favor of Plaintiffs or Defendants. Instead, both sides agreed to the Settlement to ensure a timely and fair resolution of Plaintiffs’ claims and avoid the cost and risk of further litigation. The Settlement is subject to approval by the Court.
Settlement, in which all participants in or beneficiaries of the AOL Time Warner Savings Plan, the AOL Time Warner Thrift Plan, or the Time Warner Cable Savings Plan for whose individual accounts the Plans purchased and/or held interests in the AOLTW Stock Fund at any time between January 27, 1999 and July 3, 2003 are class members. Because the Plaintiffs believe that the wrongful conduct they allege affected a large group of people (Plan Participants) in a similar way, Plaintiff filed this case as a class action.
Settlement Fund. The net amount in the Settlement Fund, including interest, and after payment of, and establishment of reserves for, any taxes and Court-approved costs, fees, and expenses, including any Court-approved compensation to be paid to the Named Plaintiffs, will be paid to the Plans and, after payment of implementation expenses, the remaining amount will be allocated to the Plan accounts of members of the Settlement Class according to a Plan of Allocation to be approved by the Court. If necessary, a Plan account will be created for those members of the Settlement Class who no longer have Plan accounts.
Settlement. The Final Fairness Hearing regarding the Settlement’s terms and any application for Plaintiffs’ Counsel’s attorney’s fees and expenses will be held on July 19, 2006. At the Final Fairness Hearing the Court will decide whether to approve the settlement and whether to grant Plaintiffs’ Counsels’ request for attorney’s fees. You may file an objection to the Settlement or request for attorney’s fees or expenses by June 30, 2006. For more information on how to object to the settlement or attorney’s fees please click on link for the Class Notice.
Settlement, please send an email to aoltwERISAsettlement@sbtklaw.com. This email will go to the law office of Schiffrin Barroway Topaz & Kessler, LLP, one of the Plaintiffs' Co-Lead Counsel, and be directed to the individuals handling the Settlement. Class Counsel has also set up a toll free number (800) 613-8579, if you prefer to call with your questions. ADDITIONAL DOCUMENTS RELATING TO THE SETTLEMENT: |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |