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3 Ex-AOL Execs Fail To Exit SEC Fraud Suit Over Ads

Law360 (January 10, 2011, 2:08 PM EST) -- Three former America Online Inc. executives have largely failed to win summary judgment in a federal lawsuit alleging that they improperly reported $1 billion in online advertising revenue in conjunction with purchase agreements.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York issued the ruling Friday, leaving intact the U.S. Securities and Exchange Commission's claims of securities fraud and aiding and abetting liability against the trio.

The SEC has alleged that the defendants engineered so-called round-trip transactions, mostly with software,...
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