PwC, NJ Settle Tyco Fraud Suit For $5.8M

Law360 (March 2, 2009, 12:00 AM EST) -- Accounting giant PricewaterhouseCoopers LLP has reached a $5.8 million settlement with the state of New Jersey in a long-running suit alleging that a group of public pension funds lost $100 million as a result of a massive accounting fraud scandal at Tyco International Ltd., which PwC audited.

In a joint motion with officials from the state's Department of Treasury on Friday, the accounting firm sought an order of dismissal from the U.S. District Court for the District of New Hampshire, saying it had entered into an agreement that resolved all claims against it.

The exact terms of the settlement were not...

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