Time Warner agrees to $3 billion shareholder settlement News
Time Warner agrees to $3 billion shareholder settlement

[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.

THIS DAY @ LAW

UN General Assembly approves Palestine partition plan

The UN General Assembly approved UN Resolution Resolution 181 (II) on November 29, 1947, recommending that the British Mandate for Palestine be split into a Jewish state, an Arab state, and an international zone for Jerusalem. The vote in the assembly was 33 for to 13 against, with 10 abstentions. The resolution sparked a war between Palestinian Arabs and Jews in 1947 and a wider war after Egypt, Syria, Jordan, Iraq, and Lebanon invaded the new State of Israel in 1948. Read Resolution 181 (II).

UN divided Palestine between Arabs and Jews

On November 29, 1947, the UN General Assembly voted to partition Palestine into Jewish and Arab territories, leading to the establishment of a Jewish state the following year. Read UN General Assembly Resolution 181.

Defense Secretary Robert McNamara resigns during Vietnam Conflict

On November 29, 1967, Secretary of Defense Robert S. McNamara announced that he was resigning from his office to accept an appointment as head of the World Bank. The announcement came as the Vietnam Conflict was becoming increasingly unpopular in the United States and abroad.