Tyco International Ltd. said Tuesday it has agreed to pay about $3 billion to settle shareholder claims that arose after former Chief Executive Officer Dennis Kozlowski and other top officers were charged with looting the company and inflating its value.
Tyco said it would set up a $2.975 billion cash fund to pay claims filed by former shareholders and turn over half of any money it recovers from ongoing lawsuits against Kozlowski, former Chief Operating Officer Mark Swartz and former board member Frank Walsh, lawyers for the shareholders said.
