Author J. K. Rowling receives an Honorary Doctor of Letters degree from Harvard University, at commencement ceremonies on Thursday in Cambridge, Massachusetts.

Rowling wrote the popular Harry Potter books and was the commencement speaker for the Harvard graduates. The 42-year-old scribe came up with two themes for the speech, entitled: “The Fringe Benefits of Failure, and the Importance of Imagination.”

A transcript and audio recording of J.K. Rowling’s commencement speech can be found here.

Rowling has also written an 800-word prequel to her popular Harry Potter books that will go to a charity auction in London next month.

15+ more pics of the Harry Potter author meeting Harvard…

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Harry Potter author J.K. Rowling was told by a judge on Wednesday to settle out of court with RDR Books according to the Hollywood Reporter.

The lawsuit involves a copyright dispute in which the publisher is seeking to release a Harry Potter encyclopedia. The encyclopedia was created based on a Web site created by librarian Steven Vander Ark.

U.S. District Judge Robert Patterson Jr. said the case was a “legal close call” and added, “I think this case, with imagination, could be settled.”

Imagination indeed!

Harry Potter author J.K. Rowling was just named Barbara Walters’s “Most Fascinating Person of 2007.” No new interview was aired, just old clips of the British writer were shown.

Next most fascinating people: sexy Spice Girl Victoria Beckham, her soccer superstar husband, David Beckham, pop singer Justin Timberlake, Emmy Award winner Katherine Heigl, Academy Award winner Jennifer Hudson, former President William Jefferson Clinton, and MySpace media moguls Tom Anderson and Chris DeWolfe.

Congrats JK! And congrats to Mojo for guessing correctly!

Harry Potter author J.K. Rowling outed Hotwarts headmaster Albus Dumbledore at last night’s talk at New York City’s Carnegie Hall.

A young fan asked during the Q&A if Dumbledore finds true love and Rowling responded, “Dumbledore is gay.”

The audience gasped, some burst into applause, others gave a standing ovation.

Added Rowling, “Dumbledore fell in love with rival Gellert Grindelwald… Don’t forget, falling in love can blind us. [He] was very drawn to this brilliant person. This was Dumbledore’s great tragedy… In fact, recently I was in a script read through for the sixth film, and they had Dumbledore saying a line to Harry early in the script saying I knew a girl once, whose hair… [laughter]. I had to write a little note in the margin and slide it along to the scriptwriter, “Dumbledore’s gay!” [laughter] If I’d known it would make you so happy, I would have announced it years ago!”

From the wizard world to crime fiction!

J.K. Rowling is rumored to working on a detective book series according to UK’s The Sunday Times

She has been spotted working on the novel at cafes in Scotland as quoted by Ian Rankin, a fellow author and neighbor of Rowling’s.

“My wife spotted her writing her Edinburgh criminal detective novel,” Rankin told reporters at an Edinburgh literary festival.

JK also recently lost a legal battle against UK’s The Sunday Express. A photo of Rowling’s son, David, was previously published in the newspaper alongside an article about Jo’s approach to motherhood.

Jo and husband Neil had stated, “We see no legitimate reason why, as in this case, David, who was less than two years of age at the time, should have his photograph taken and then published in the press. We take his, and that of his siblings, privacy and safety very seriously.”

The judge had “considerable sympathy for the claimant’s parents and anyone else who wishes to shield their children from intrusive media attention. [But] an area of routine activity which, when conducted in a public place, carries no guarantee of privacy.”

Forbes Magazine just tabulated “The 20 Richest Women In Entertainment” and there are some surprises in there! The youngest women on the list? The 22-year-old Olsen Twins. But to make the list at all, you need a minimum net worth of $45 million. Cha-ching!

• 1 — Oprah Winfrey = $1,500 million
• 2 — J.K. Rowling = $1,000 million
• 3 — Martha Stewart = $638 million
• 4 — Madonna = $325 million
• 5 — Celine Dion = $250 million
• 6 — Mariah Carey = $225 million
• 7 — Janet Jackson = $150 million
• 8 — Julia Roberts = $140 million
• 9 — Jennifer Lopez = $110 million
• 10 — Jennifer Aniston = $110 million
• 11 — Mary Kate & Ashley Olsen = $100 million
• 12 — Britney Spears = $100 million
• 13 — Judith “Judge Judy” Sheindlin = $95 million
• 14 — Sandra Bullock = $85 million
• 15 — Cameron Diaz = $75 million
• 16 — Gisele Bundchen = $70 million
• 17 — Ellen DeGeneres = $65 million
• 18 — Nicole Kidman = $60 million
• 19 — Christina Aguilera = $60 million
• 20 — Renee Zellweger = $45 million

JUDGE JUDY, YO! Check out E! Entertainment’s one-hour special on The 20 Richest Women in Entertainment, which premieres on Saturday, Jan. 20 @ 6PM ET/PT.