NEW YORK (Reuters) - Media conglomerate Time Warner Inc. reached agreements in February to pay $405 million to settle lawsuits brought by shareholders related to past accounting problems at AOL, according to a regulatory filing on Friday.
The owners of the Warner Bros. movie studios, AOL Internet service and HBO cable network said the agreement was to settle suits from shareholders who opted out of an earlier settlement.
The disclosure was part of the company's routine filing with the U.S. Securities and Exchange Commission.
Time Warner said other suits remain, with plaintiffs claiming about $3 billion in damages with interest.
"The Company has engaged in, and may in the future engage in, mediation in an attempt to resolve the remaining cases," according to the filing.
As of February 22, 2007, the company has about $217 million remaining in its legal reserves. During the fourth quarter of 2006, Time Warner created an additional $600 million reserve.
