The largest securities class action settlement by a single corporate defendant was announced yesterday (15 May), when Tyco ended a five-year shareholder dispute with a $3bn (£1.5bn) payout. The US conglomerate agreed to pay $2.975bn plus interest to investors who bought Tyco securities between 1999-2002, after former chief executive Dennis Kozlowski and other senior corporate officers were accused of artificially inflating the company's value by as much as $5.8bn (£2.9bn).
May 16, 2007 at 12:03 PM
1 minute read
The original version of this story was published on Legalweek
The largest securities class action settlement by a single corporate defendant was announced yesterday (15 May), when Tyco ended a five-year shareholder dispute with a $3bn (£1.5bn) payout.
The US conglomerate agreed to pay $2.975bn plus interest to investors who bought Tyco securities between 1999-2002, after former chief executive Dennis Kozlowski and other senior corporate officers were accused of artificially inflating the company’s value by as much as $5.8bn (£2.9bn).
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