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N.Y. Court Tosses Derivative Suit Against Tyco

Law360 (November 20, 2007, 12:00 AM EST) -- A New York appellate court has refused to reopen a derivative lawsuit against Tyco International Ltd. and its directors, ruling that a district court already decided Bermuda law claims over the company’s alleged securities fraud.

The appellate division of the Supreme Court of New York on Friday affirmed the dismissal of Bermuda law claims in a shareholder derivative suit against Tyco. The court said that the issue was decided in a federal shareholder suit against Tyco and should not be re-litigated.

“The federal plaintiff's strategy was...
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