The Alaska Permanent Fund, State Pension Investment Board and State Department of Revenue, all in Juneau, settled a securities fraud case for $50 million against America Online Inc., Time Warner Inc. and Historic TW Inc., confirmed Mark Morones, spokesman for the state Department of Law. The $36 billion Permanent Fund and the $15 billion investment board lost about $70 million between 2000 and 2002, according to a 2004 news release. Mike Barnhill, assistant Alaska attorney general, could not be reached for comment by press time.
The lawsuit, filed in 2004 in Juneau Superior Court, alleged that the defendants misrepresented advertising revenues, growth and subscriber numbers to artificially inflate their stock prices. Under the terms of the settlement, the companies did not admit any liability or wrongdoing.
