Market Maker Sues Tyco Over $5M In Losses

Law360, New York (February 2, 2009, 12:00 AM EST) -- Tyco International Ltd. has been hit with a lawsuit by Equitec-Schwartz LLC, the designated primary market maker on the conglomerate's options, which claims it lost nearly $5 million in the massive fraud that put two Tyco executives behind bars.

In a lawsuit filed Thursday in the U.S. District Court for the Northern District of Illinois, Equitec-Schwartz said it would not have served as the market maker for Tyco options, nor invested heavily in Tyco financial instruments, had it known of the fraud taking place at the...
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