A bid by Tyco International’s incarcerated ex-CFO to recover $47.6 million he says is owed under a retirement agreement has been dismissed by a federal judge. Mark Swartz, who is serving up to 25 years for grand larceny and securities fraud, sued his ex-employer claiming he was owed the money under an executive retirement agreement, along with other sums including a $9 million reimbursement for state and city taxes pursuant to Swartz’s retention agreement.
Swartz sued in May, about nine years after Tyco sued him for disgorgement of “all compensation and benefits” he received from “inception of his wrongful conduct through the date of his departure.”
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