Opt outs.

The fallout from the stock shock resulting from the merger of America Online and Time Warner continues.

L.A. firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP is representing about 100 institutional investors, some international, which have opted out of the Time Warner Inc. class action settlement. They are pursuing individual suits to recover losses that they allege are the result of violations of federal and state securities laws in connection with the 2001 merger. The clients estimate their losses at nearly $1.6 billion.

Many of these opt-out clients are pension funds such as Alaska Electrical Pension Fund, Beaver County Retirement Board, Hawaii Laborers Pension Fund and the Plumbers and Pipefitters National Pension Fund.

These California cases are scheduled for trial later this year.

Staff reporter Emily Bryson York can be reached at [phone], ext. 235, or at [e-mail].