Tyco Pays $3B In Record Settlement

Law360, New York (May 15, 2007, 12:00 AM EDT) -- In the largest settlement ever paid by a single defendant in a securities class action suit, Tyco International has agreed to pay nearly $3 billion to bring an end to an accounting fraud suit filed against the company in 2002.

The $2.975 billion settlement, disclosed on Tuesday, is the final chapter in a securities fraud suit filed five years ago after the discovery of a massive accounting fraud scheme allegedly orchestrated by then-CEO Dennis Koslowski.

“This is a fantastic resolution and closes a chapter on one...
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