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Corporate

Apr. 16, 2003

Bank, Regents Accuse AOL of Inflating Profits

LOS ANGELES - The University of California regents and a New York-based bank owned by the garment workers' union filed a securities fraud lawsuit Monday against AOL Time Warner, claiming that AOL inflated its profits and advertising revenue by $1 billion before the two companies' 2001 merger.

By Leslie Simmons
Daily Journal Staff Writer
        LOS ANGELES - The University of California regents and a New York-based bank owned by the garment workers' union filed a securities fraud lawsuit Monday against AOL Time Warner, claiming that AOL inflated its profits and advertising revenue by $1 billion before the two companies' 2001 merger.
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