Settlements and Verdicts

Tyco Settles with Michigan State for $24.5 Million

Tyco International has reached a settlement with Michigan state over losses associated with state pension funds. The settlement reached is for $24.5 million.

The Attorney General had originally sued for $50 million based on losses incurred after the Tyco stock the state owned crashed. The stock price fell due to the revelation that top executives at Tyco were involved in a multibillion dollar accounting fraud. The executives were subsequently jailed.

MAY-20-09: Michigan announces $24.5M settlement with Tyco [CHICAGO TRIBUNE: MICHIGAN SETTLES WITH TYCO FOR $24.5 MILLION]

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