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Michigan sues Tyco to protect state funds

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

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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.

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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)
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