2nd Circ. Nixes Ruling For Ex-Tyco Exec On Merger Bonus

Law360, New York (January 11, 2012, 7:14 PM EST) -- The Second Circuit on Wednesday reversed a ruling for ex-Tyco International Ltd. director Frank Walsh Jr. on a secret $20 million merger-related finder's fee he received, saying any breach of fiduciary duty could be approved only by shareholders, not Tyco's board.

Tyco had asked the Second Circuit on Dec. 19 to reopen its Southern District of New York suit against Walsh, arguing that U.S. District Judge Denise L. Cote had been wrong in finding that, under Bermuda law, the board of directors had implicitly approved the...
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