Tyco to Pay $3B Settlement
Published: 15 May 2007
by Staff
PEMBROKE, BERMUDA – Tyco International Ltd. today announced it will establish nearly $3 billion in a cash fund for payment of plaintiffs’ claims in the consolidated securities class action cases, involving former executives, including ex-CEO Dennis Kozlowksi. The settlement is subject to court approval.
The settlement stems from a complaint filed in January 2003 on behalf of a class of shareholders who acquired publicly traded securities of Tyco during the period from December 1999 to June 2002.
In 2005, Kozlowski and former CFO Mark Swartz were convicted of multiple counts of grand larceny, conspiracy, securities fraud and falsifying business records. The two were charged with conspiring to defraud Tyco of millions of dollars; they were sentenced to 8 to 25 years in prison.
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