Ex-CFO Claims Tyco Owes Him $60M In Promised Payouts

Law360, New York (May 7, 2012, 6:40 PM EDT) -- The former chief financial officer of Tyco International Ltd. hit the company with a breach of contract suit Friday in New York, alleging it had withheld more than $60 million in retirement benefits and reimbursements after he was indicted for corporate looting.

Ex-Tyco CFO Marc H. Swartz, who was sentenced to 8 1/3 to 25 years in prison for securities fraud, alleges the company's board approved the payout of tens of millions of dollars knowing that he was under investigation for stealing from Tyco and likely...
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