ABP gets e16m
Dutch civil service scheme ABP, Europe’s largest pension fund, has settled a damages law suit for $20m (€16.5m) - one-tenth of the original claim - against global movie and media giant AOL/TimeWarner.
The pension fund’s claim relates to accounting irregularities, which caused the US media group’s share price to plummet.
ABP sued AOL/TimeWarner for roughly $200m in 2003 over inflated results at America Online, which merged with TimeWarner in 2001. The share price dropped after the transaction, resulting is losses for investors.
IPE reported in August that ABP’s legal chief Rene Maatman indicated it wasn’t realistic to expect the full amount to be paid.