The AOL Time Warner Securities Litigation Settlement
Deadline to File a Claim: February 21, 2006
Deadline to File an Objection to Settlement: January 9, 2006
Deadline to Opt-Out of the Class: January
9, 2006
June 20, 2007 Update - Distribution Allowed to Proceed
In response to BizProLink's appeal, Lead Securities Counsel entered into a stipulation with BizProLink which asked the Court to modify its prior distribution order to create a reserve from the DOJ Funds in the amount of $10.6 million (the "DOJ Funds Reserve"), the amount to which BizProLink claims that it is entitled.
On June 20, 2007, the Court signed an order approving the partial modification of the distribution order. Judge Kram ordered that Gilardi, under the supervision of Lead Securities Counsel, is authorized and directed to make an initial distribution to Authorized Claimants of the DOJ Funds, plus accrued interest, with the exception of $10.6 million. This initial distribution will be made simultaneously with the initial distribution of the Net Settlement Sum and the entire distribution of the SEC Fair Funds in accordance with the Distribution Order.
The DOJ Fund Reserve will remain on deposit in an interest-earning escrow account for the purpose of satisfying any judgment that may be entered in favor of BizProLink. Any balance of the DOJ Funds remaining after final adjudication of BizProLink's claim will be distributed to Authorized Claimants.
Gilardi will commence processing checks for distribution to Authorized Claimants and estimates that this process will be completed by the end of July.
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