Time Warner facing $750m fine

The huge fine would be dished out as recompense for accounting irregularities at the company's internet arm, America Online, which were used to boost profits.

AOL paid $100bn for Time Warner at the height of the dot com boom, but problems soon came to light and several executives were ousted as a result.

The fine would equal that handed to WorldCom and is beaten only by the $1.1bn settlement deal paid by Prudential in the 1990s.