Calpers, the biggest national pension fund, said on Friday it filed a lawsuit alleging fraud against current and former AOL, Time Warner and AOL Time Warner Inc. executives and to recover more than $250 million losses.
The California Public Employees" Retirement System said its lawsuit relates to accounting irregularities at AOL before and after its merger with Time Warner.
Calpers said it brought its lawsuit against AOL Time Warner, America Online Inc. and current and former executives including Stephen Case, Gerald Levin, Robert Pittman and David Colburn. The suit also names Salomon Smith Barney Inc., Morgan Stanley and Co. and Ernest and Young LLP. as agents involved in the merger