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Ben Glass
Ben Glass
Attorney • (703) 584-7277

What's AOL Thinking About

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AOL has got a place at their website where they repeat the same old tired stories designed to frighten people into tort reform. This crap comes around, usually in the form of spam email, several times a year. Why is AOL investing its resources in repeating this nonsense?

Could it be that AOL has faced the civil justice system and gotten caught?

Consider:

Sevearl times in the recent past, the civil justice system that has held AOL accountable to its shareholders for their negligence. The following are just a few examples of the trouble AOL has gotten in:

Just this week AOL agreed to pay a whopping $246 million to compensate the University of California for losses to their pension and endowment funds after the company’s stock prices plunged in 2001-2002. Note that this isn’t some “crazy” jury…this is AOL and it’s smart lawyers figuring they could get out a real mess cheap by agreeing to settle.

Last month, Time Warner reached agreements to pay over $400 million to settle lawsuits related to past accounting problems at AOL. Again, a considered judgment to settle for past bad practices.

Also in February,, AOL reached a $105 million settlement with the California State Teachers’ Retirement System that claimed that AOL executives and bankers had artificially boosted the value of its stocks prior to buying Time Warner.

A month before that, in December, 2006, AOL settled a securities fraud case for $50 million with the state of Alaska.

These are all voluntary settlements.. Not “crazy” verdicts… not “crazy” warning labels..but the considered judgment of its lawyers and accountants!

Ask AOL to stop pulling this crap by indeed, pulling this page off of its website.

Call the Chairman and CEO of AOL, Randy Falco, at (703) 265-1000 and ask him to take down the information;
Circulate this information to others who will take action; and