A $79 million settlement has been reached in a long-running class action suit that accuses Tyco International of misleading investors in its undersea cable subsidiary, TyCom. The parties reached a deal on April 13 that would end the 7-year-old suit, and the plaintiffs moved on Monday for preliminary approval from U.S. District Judge Garrett Brown Jr. in Trenton, N.J. The settlement, if approved, calls for class counsel to petition the court for attorney fees, to be paid out of the settlement amount.
Tyco to Settle Class Action Suit Over Undersea Cable Venture for $79M
New Jersey Law Journal
April 20, 2010