AOL Time Warner ERISA Litigation

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. 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.