That figure is far below the $30 million it was slated to reap after settling a lawsuit that blamed Time Warner executives for inflating revenue for their AOL online business after the rise in Internet stocks had peaked in 2000.
According to the Star Tribune, the money Minnesotawas slated to get was part of a mammoth $2.5 billion settlement between the company and its investors.
The Board of Investment initially claimed losses of up to $249 million, making it the lead plaintiff in the class-action lawsuit against the media giant; however, after the settlement was announced two years ago, former Attorney General Mike Hatch estimated that the state would eventually receive $25 million to $30 million.
The payout was delayed by several court orders, notification of shareholders and an appeal.
« San Francisco Claims Solution to ERISA Preemption of Health Care Law