Tyco International Ltd. has agreed to pay New Jersey $73 million to resolve state charges of securities fraud.
The state Attorney General’s office says that under the settlement agreement finalized Wednesday, Tyco will pay $73.3 million to New Jersey’s Division of Investment.
The state alleged in a 2002 civil suit that its pension fund suffered major losses due to fraud, including insider trading at Tyco, accounting improprieties, and then-Tyco executives not disclosing millions of dollars in personal loans they got from the company.
The settlement comes the day before the diversified manufacturer, which has operational headquarters in West Windsor, N.J., is to release its quarterly earnings report.
Was this article valuable?
Here are more articles you may enjoy.