October 18, 2004

Tyco News

There are two recent articles in the Wall Street Journal (subscrip. req'd) related to the Tyco International securities litigation (last posted about here).

First, a court in the D. of N.H. has allowed most of the claims in the pending securities class action to go forward. Interestingly, however, it dismissed a related derivative action on the grounds that it was barred under Bermuda law (Tyco is registered in Bermuda).

Second, former Tyco CEO Dennis Kozlowski and CFO Mark Swartz have asked a New York state court to direct one of Tyco's "excess" insurance carriers to pay legal bills that they say have surpassed $25 million.

Posted by Lyle Roberts at October 18, 2004 8:19 PM | TrackBack
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