Former Tyco CFO sues the company for $60 million.
Byline: Cathleen Flahardy
The former chief financial officer of Tyco International is suing the company for $60 million. Mark Swartz, who is currently serving a prison sentence for his involvement in the company's 2002 scandal, says Tyco owes him retirement funds and other money.
Swartz is suing Tyco for breach of contract, claimining the company owed him $48 million from an executive retirement agreement, as well as $9 million in reimbursement for taxes.
"The directors and management of Tyco approved the subject agreement with actual knowledge that he was shortly to be indicted," the lawsuit said.
Swartz, along with former Tyco CEO Dennis Kozlowski, was convicted of grand larceny and securities fraud and is serving an 8 1/3- to 25-year sentence. A federal judge ruled in 2010 that Kozlowski, who was denied parole last month, could not collect the millions of dollars he claims Tyco owed him.
|Printer friendly Cite/link Email Feedback|
|Publication:||Inside Counsel Breaking News|
|Date:||May 8, 2012|
|Previous Article:||Father-daughter duo settles with the SEC over insider trading allegations.|
|Next Article:||Law school debt estimates exceed $200,000 for class of 2015.|