Personal Technology
Michigan Announces $24.5M Settlement With Tyco
The Associated Press
05/20/09 - 05:14 PM EDT
LANSING, Michigan (AP) Michigan has announced a $24.5 million settlement with Tyco International Ltd. as a result of a 2008 lawsuit filed by the state to recoup state pension fund losses.
Tyco's top executives went to prison over a multibillion dollar accounting fraud. The state owned Tyco stock, which plummeted as the scheme became public.
The settlement proceeds will go to the State of Michigan Retirement Systems.
State Attorney General Mike Cox and Treasurer Bob Kleine announced the settlement Wednesday. They initially sued for $50 million but say they received a larger settlement by not joining a national class-action suit.
Schaffhausen, Switzerland-based Tyco makes electric and health care products. The settlement also involves Tyco Electronics and Covidien Ltd., a spin-off from Tyco International.