Time Warner Settles Lawsuit With Department of Labor for $5.5 Million

Business Wire, Nov 17, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 17, 2000

Time Warner Inc. (NYSE: TWX) announced today that it has settled its pending lawsuit with the Department of Labor for $5.5 million. The settlement was approved today by Judge Dennis J. Chin of the United States District Court for the Southern District of New York. The DOL and Time Warner agree that the settlement is not an admission of any liability or wrongdoing by Time Warner or its publishing unit, Time Inc. The case has been dismissed with prejudice.

Commenting on the settlement, Time Warner's Vice President and Associate General Counsel Edward Weiss said: "We are pleased we were able to resolve this matter with a reasonable settlement that will put this litigation behind us. The settlement will enable us to avoid the protracted distraction and expense from ongoing litigation."

The lawsuit, which was filed in October 1998, concerned a claim by the Department of Labor that certain contingent workers had been misclassified by Time Warner for purposes of eligibility under Time Warner's benefit plans. Pursuant to the terms of the settlement, certain temporary workers and independent contractors who provided contingent worker services for Time Inc. from 1992 to 1997 and who execute the appropriate documentation provided for under the terms of the settlement will receive proceeds from the settlement.

Time Warner Inc. (NYSE: TWX, www.timewarner.com) is the world's leading media company. Its businesses include cable networks, publishing, music, filmed entertainment, cable and digital media.

To receive a copy of this press release through the Internet, access Time Warner's corporate Web site located at http://www.timewarner.com