[JURIST] Media giant Time Warner Inc. [corporate website] announced Wednesday it is setting aside $3 billion in reserves to settle a lawsuit filed by shareholders who claimed they lost money when the company's shares declined following a merger with AOL [corporate website]. The company also said it had authorized a program to buy back $5 billion of its own shares over the next two years, a step shareholders had been pushing for as a way to increase its deflated share price. The announcement came as the company posted a net loss of $321 million in the second quarter to June, as compared to a net profit of $777 million during the same period last year. AP has more.