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A group of Tyco International Ltd. shareholders plans to drop a federal lawsuit aimed at blocking the breakup of the conglomerate into three separate companies, a lawyer for the plaintiffs said Tuesday.

The lawsuit, filed Feb. 14 in U.S. District Court by shareholders suing Tyco in a separate, 4-year-old case, argued the split-up would hamper investors’ ability to receive settlement payments if or when a decision is reached in the first case, which seeks billions of dollars in damages for alleged corruption.

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