Tyco Settles ERISA Class Action for $70.5M

Law360, New York (August 10, 2009, 9:03 PM EDT) -- Tyco International Ltd. has agreed to shell out roughly $70.5 million to settle allegations the company breached its fiduciary duties to Tyco employees when larding retirement plans with company stock even while a massive accounting fraud was taking place.

On Monday, plaintiffs representing participants in seven Tyco retirement plans asked Judge Paul J. Barbadoro of the U.S. District Court for the District of New Hampshire, where the multidistrict litigation is based, for preliminary approval of settlements after seven years of litigation.

According to the proposed settlement,...
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