Ex-Tyco Director Walsh Settles NJ Suit For $5.6M

By Richard Vanderford

Law360, New York (November 12, 2009, 3:54 PM ET) -- Frank Walsh Jr., one of three insiders accused of corporate looting at Tyco International Inc., has agreed to pay $5.6 million to settle a suit brought by the state of New Jersey.

Judge Paul J. Barbadoro of the U.S. District Court for the District of New Hampshire dismissed claims against Walsh on Tuesday after the parties submitted a settlement document. The settlement gives the former director a week to wire the money to the state's attorneys at Riker Danzig Scherer Hyland & Perretti LLP.

Among other...
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