TYCO Settles Investor Class Action for $3 Billion
"Tyco International, whose two top executives were imprisoned for fraud, has agreed to pay almost $3 billion to settle class-action lawsuits brought by investors, the company announced yesterday.
The settlement, described as the largest payment ever by a company in such litigation, seeks to help put to rest one of the nation’s most notorious cases of fraud. Tyco investors may be in a position to recover even more money because they would also share in any proceeds from litigation still outstanding against L. Dennis Kozlowski, the former Tyco chief executive, and two other former executives, and against the company’s former auditor, PricewaterhouseCoopers."
Read the full article in the NY Times.