JURIST legal news archive...

Tyco settles securities fraud lawsuit with New Jersey for $73 million
May 1, 2008
Tyco International Wednesday reached an agreement with the state of New Jersey to settle a lawsuit alleging that insider trading at the company cost the state $100 million in state employee pension funds. Under the settlement terms, Tyco will pay $73 million to New Jersey and claims will be dropped....... [more]

New York appeals court upholds Kozlowski grand larceny conviction
November 16, 2007
A New York appellate court unanimously upheld the convictions of former Tyco International CEO L. Dennis Kozlowski and former CFO Mark Swartz Thursday, rejecting arguments that the pair had been convicted of grand larceny, securities fraud and falsifying business records on insufficient evidence. Th....... [more]

Tyco liability insurer seeks recovery of legal fees from ex-CEO
October 17, 2007
Corporate Officers & Directors Assurance Ltd. (CODA), a subsidiary of ACE Bermuda, has filed a petition in a New York trial court requesting an order compelling former Tyco International CEO L. Dennis Kozlowski to pay the insurer approximately $1.97 million. CODA provided directors and officers....... [more]

Tyco $3.2 billion shareholder settlement gets preliminary court approval
July 16, 2007
A federal judge has given preliminary approval to a $3.2 billion settlement agreement between Tyco International, Tyco's former auditor PricewaterhouseCoopers, and investors who were harmed by fraudulent accounting practices orchestrated by Tyco's former top executives. Judge Paul Barbador....... [more]

Tyco settles shareholder lawsuits for $3 billion
May 15, 2007
Tyco International said Tuesday that it has reached an agreement to settle most of the class actions pending against it by investors who were harmed by the actions of the company's former top executives. The settlement, which is subject to the approval of the largest shareholders and the federal....... [more]

Former Tyco exec settles with SEC as two others charged
December 21, 2006
Former Tyco executive Richard Skip Heger reached a $450,000 settlement on financial reporting and record-keeping charges, the US Securities and Exchange Commission announced Thursday. The charges are connected to a fraud case in which Tyco agreed to pay a $50 million civil penalty and....... [more]

Don't Outsource Your Conscience: Lessons in Corporate Truth
September 27, 2006
JURIST Contributing Editor Nancy Rapoport of the University of Houston Law Center says that the recent spate of guilty verdicts and stiff sentences handed out for corporate fraud committed by the erstwhile leaders of Enron, WorldCom, Tyco, Adelphia and other companies suggests that executives need t....... [more]

Tyco, SEC reach $50M settlement in fraud investigation
April 17, 2006
Tyco. has agreed to pay the US Securities and Exchange Commission a $50 million civil penalty and a $1 disgorgement fee for fraudulent accounting procedures used between 1996 through 2002, Tyco and SEC officials announced Monday. In exchange, the settlement allows Tyco to avoid admitting any of the....... [more]

Tyco says Abramoff funneled $1.6 million in company funds to himself
January 6, 2006
A Tyco International spokesperson has said that Tyco was the defrauded Company A referred to in court documents released Tuesday as part of former lobbyist Jack Abramoff's guilty plea to fraud and conspiracy charges. The criminal information which prompted Abramoff's plea allege....... [more]

Judge denies bail for ex-Tyco execs during appeal
October 3, 2005
New York state appeals judge Angela Mazzarelli Monday denied a bail request by two former Tyco International executives, a decision that will keep the men in jail during their appeal process. Former Tyco CEO Dennis Kozlowski and CFO Kark Schwartz were convicted of grand larceny last month and senten....... [more]

BREAKING NEWS ~ Ex-Tyco executives get up to 25 years jail for grand larceny
September 19, 2005
Wire services are reporting that two former Tyco executives have been sentenced to between 8 1/3 and 25 years in prison after having been found guilty of securities fraud, grand larceny and conspiracy earlier this year. Former Tyco International CEO Dennis Kozlowski and former CFO Mark Schwartz were....... [more]


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