• Most Popular
  • Most Shared

Michigan sues Tyco to protect state funds

NEW YORK
Fri Feb 8, 2008 5:17pm EST

Stocks

   

NEW YORK (Reuters) - The state of Michigan on Friday announced it has filed suit against Tyco (TYC.N), alleging the company, its auditors and former executives participated in a massive corporate fraud that depleted state pension funds.

Stocks  |  Regulatory News  |  Funds News  |  ETFs News

The complaint, filed in the Eastern District of Michigan, alleges Tyco continually inflated its earnings and manipulated its books to hide excess executive compensation.

Tyco's former CEO Dennis Kozlowski and CFO Mark Swartz were found guilty in June 2005 of stealing millions from the conglomerate, a case that became infamous amid revelations that Kozlowski had used company funds to pay for a $15,000 umbrella stand and a $6,000 shower curtain.

(Reporting by Edward Tobin; Editing by Tim Dobbyn)
Stocks
Regulatory News
Funds News
ETFs News


More from Reuters

Photo

U.S. health bill nears crucial Senate test vote

WASHINGTON (Reuters) - With 60 votes in hand, Senate Democrats cruised on Sunday toward an expected victory on the first of three crucial test votes that will put a broad healthcare overhaul on the path to passage by Christmas. | Video

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review