A nearly $3 billion settlement has been tentatively reached in the Tyco shareholder class action that began some five years ago after former CEO L. Dennis Kozlowski and other top corporate officers were accused of looting the company and inflating its value. The lawsuit alleged the company misrepresented the value of Tyco and companies it acquired under Kozlowski's leadership in a giant accounting fraud scheme, causing losses estimated at $1 billion to $2 billion.
May 16, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A nearly $3 billion settlement has been tentatively reached in the Tyco shareholder class action that began some five years ago after former CEO L. Dennis Kozlowski and other top corporate officers were accused of looting the company and inflating its value.
Among the three firms serving as class counsel in the matter is Schiffrin Barroway Topaz & Kessler in Radnor, Pa.
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