Walsh Off Hook Over $20M Fee In Tyco Suit

Law360, New York (October 22, 2010, 5:24 PM EDT) -- A federal judge has sided with ex-Tyco International Ltd. director Frank Walsh Jr. in the company's case over a $20 million under-the-table payment he took, ruling that if Tyco wanted the money, it should not have approved the payment in a subsequent proxy statement.

Under the law in Bermuda, where Tyco is incorporated, the ratification of a breach of fiduciary duty retroactively approves it, Judge Denise Cote of the U.S. District Court for the Southern District of New York ruled Wednesday, ending Tyco's case against Walsh....
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