Tyco International Ltd.

Chicago, IL: (May-15-07) A series of class action lawsuits were filed against diversified manufacturer Tyco International Ltd., following the accounting scandal that sent former Chief Executive Dennis Kozlowski to prison. Tyco International agreed to pay almost $3 billion to settle most of the class-action lawsuits against it, making this the fourth biggest overall settlement in a securities class-action case brought by investors. As part of the settlement agreement, Tyco, which plans to split into three companies in the coming weeks, said it would pay $2.975 billion in the near term, into a fund for plaintiffs in 32 class-action lawsuits. Any recovery by Tyco from its former auditor PricewaterhouseCoopers would also be given to the settling class, according to a filing with the US Securities and Exchange Commission. The class would further receive half of any recovery from Tyco's suit against Kozlowski, along with former company Chief Financial Officer Mark Swartz and former board member Frank Walsh. Legal fees for the plaintiffs', which have not yet been set, would be paid out of the total settlement amount. [WIS10: TYCKO SETTLEMENT]

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