Shareholders of Time Warner brought had brought a law suit against media company Time Warner (TWX) in reference to accounting issues at their Internet division AOL.
The parties have now reached an agreement for a payout of $405 million to settle the mess. While there had been an earlier settlement of the problem, a number of shareholders opted out of it and continued to pursue other avenues.
Disclosing the agreement is part of the regular filing of information with the Securities and Exchange Commission.
This isn't the end of it though as there are more plaintiffs that still have suits pending against the company that claim about $3 billion in damages plus interest.
The filing said that, "The Company has engaged in, and may in the future engage in, mediation in an attempt to resolve the remaining cases."
The company, as of February 22, has approximately $217 million in reserve for legal expenses. The company increased their reserve to $600 million during the fourth quarter of 2006.
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