Tyco International Ltd. agreed Wednesday to pay $73 million to New Jersey to settle a federal suit alleging that insider trading and other securities fraud caused $100 million in losses to state police, firefighters and school employee pension funds. The suit alleged the Princeton company made materially false and misleading statements about its financial condition, breached fiduciary duties and failed to disclose millions in personal loan benefits.
Tyco to Pay $73 Million to New Jersey to Settle Federal Securities Fraud Suit
New Jersey Law Journal
May 1, 2008