$70.5M Tyco ERISA Class Action Deals OK'd

Law360, New York (September 2, 2009, 1:00 PM EDT) -- A judge has granted preliminary approval to Tyco International Inc.'s proposed settlement agreements to pay roughly $70.5 million to a class of Tyco employees who alleged the company breached its fiduciary duties by stacking retirement plans with company stock even as a massive accounting fraud was taking place.

U.S. District Judge Paul J. Barbadoro of the District of New Hampshire ruled Tuesday that the three settlements were sufficiently fair, reasonable and adequate to warrant sending notice to members of the class.

Tyco will pay $70.2 million...
To view the full article, register now.