$3B Tyco Settlement Gets Preliminary Approval

Law360, New York (July 16, 2007, 12:00 AM EDT) -- The federal judge overseeing myriad cases over the alleged securities fraud that toppled Tyco International granted preliminary approval Friday to the proposed $3 billion settlement in one of those cases.

If and when the proposed settlement becomes final, it will be the largest sum ever paid by a single settling defendant in a securities class action.

In okaying the settlement, Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire found that the settlement had been attained following fair, arm's-length negotiations between...
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