A federal judge has approved a settlement by which a former board member of Tyco International Ltd. will pay $5.6 million to settle claims that New Jersey pension funds lost more than $100 million because of securities fraud.

New Jersey charged that Frank Walsh Jr. took a $20 million payment from Tyco, without disclosure to shareholders or other board members, for helping arrange the Princeton corporation’s 2001 purchase of The CIT Group.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]