Covidien To Pay $15M As Part Of Tyco Settlement

Law360, New York (August 11, 2008, 12:00 AM EDT) -- Health care products provider Covidien Ltd. will pay $15 million of a $36 million settlement that manufacturer Tyco International Ltd. reached in a securities fraud suit regarding the company's purchase of AMP Inc. in 1999.

The settlement, announced Friday in Covidien's quarterly report to the U.S. Securities and Exchange Commission, brings an end to the dispute initially filed in January 2004 in the U.S. District Court for the Southern District of New York and transferred to the District of New Hampshire.

Tyco, which split into three...
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