Tyco Moves To Toss Market Maker's Fraud Case

Law360, New York (July 27, 2009, 6:51 PM EDT) -- Tyco International Ltd. is fighting to dismiss a securities lawsuit by Equitec-Schwartz LLC, arguing the firm — which served as a primary market maker for Tyco options on the Chicago Board Options Exchange — was unable to link the conglomerate's alleged accounting fraud to trading losses.

Equitec-Schwartz, which claims to have lost nearly $5 million as a result of misstatements by Tyco, was originally a member of the shareholder class that sued Tyco in January 2003, but opted out of the subsequent $3 billion settlement and...
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