|  | | 2008 News and Press Releases | | |
SETTLEMENT NEWS:
Tyco To Pay N.J. $73M To Settle Securities Suit
Brendan Pierson
Portfolio Media, New York. April 30, 2008
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EXCERPT: Tyco International Ltd. agreed on Tuesday to pay $73.25 million to settle a lawsuit filed in 2002 by the state of New Jersey, claiming that several state pension funds had lost value due to mismanagement of the company. In exchange for the settlement, New Jersey will dismiss its claims against Tyco, some of its former directors, and one of its former employees, according to a filing by Tyco with the U.S. Securities and Exchange Commission on Tuesday. Since Tyco was split into three companies last June, Tyco International itself will pay only about $20 million, while Tyco Electronics will pay about $23 million and Covidien will pay about $31 million.
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