Posted on Thu, Nov. 12, 2009
Former Tyco International Ltd. board member Frank E. Walsh Jr. has agreed to pay New Jersey $5.6 million to settle a long-standing civil suit brought by the state that alleged securities fraud.
Walsh made no admission of wrongdoing or liability.
In its 2002 suit against Tyco, company auditors, Walsh and several other individuals, the state alleged that state pension funds had suffered significant losses due to fraud, insider training and accounting improprieties.
In 2008, Tyco settled with the state for $73.25 million. The suit is still pending against former Tyco chief executive Dennis Kozlowski and former chief financial officer Mark H. Swartz, both convicted in New York in 2005 on criminal charges related to fraud at Tyco.
Tyco's legal offices are in Switzerland; its U.S. headquarters are in Princeton. - Jane M. Von Bergen
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