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PWC TO PAY $ 225M IN TYCO CLASS ACTION NEW YORK — Accounting firm ricewaterhouseCoopers has agreed to pay $225 million to settle shareholder claims in a securities class action brought by investors against Tyco International, the plaintiffs’ lawyers said Friday. Shareholders claimed that PwC was liable for failing to uncover a financial fraud that led to nearly $6 billion in overstated income at Tyco between 1999 and 2002. The agreement must be approved by a federal judge in New Hampshire, where Tyco was formerly based. It would bring the total settlement to more than $3 billion, according to a statement from Grant & Eisenhofer, which along with Schiffrin Barroway Topaz & Kessler and Milberg Weiss & Bershad jointly represent the plaintiffs. PwC was represented by Orrick, Herrington & Sutcliffe. In a statement, PwC spokesman David Nestor said that in addition to the securities class action claims, the company was settling any claims held by Tyco arising out of PwC’s role as the company’s auditor.

New York Law Journal

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