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 corporation's 2001 purchase of The CIT Group. The settlement brings the state's recovery from the Tyco litigation to $84.7 million.
November 16, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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.
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