Tyco Asks 2nd Circ. To Reopen Suit Against Ex-Chief

Law360, New York (December 19, 2011, 8:22 PM EST) -- Tyco International Ltd. on Monday asked the Second Circuit to reopen its lawsuit against ex-director Frank Walsh Jr. over a secret $20 million merger-related finder's fee, arguing that the board had never approved the payment.

“It was a felonious, dishonest breach of fiduciary duty,” Tyco lawyer Theodore B. Olson of Gibson Dunn & Crutcher LLP told a three-judge panel, which will decide whether to reverse an October 2010 decision that let Walsh avoid the company's lawsuit.

Top Tyco executives acting without the board's knowledge paid Walsh...
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