Tyco International Ltd.’s former Chief Financial Officer
Mark Swartz sued to recover $60 million he said is owed under agreements he
made with the company when he stepped down in 2002.
To refresh your memory Swartz, who served as Tyco's finance
chief from February 1995 to September 2002, and former CEO Dennis Kozlowski
were convicted by a Manhattan jury in 2005 of defrauding shareholders of more
than $400 million. They are both serving 8 1/3- to 25-year prison sentences for
stealing from the company and deceiving shareholders.
In a complaint filed May 4 in New York State Supreme Court,
Swartz accused the company of breach of contract and unjust enrichment, seeking
to enforce commitments made in the summer of 2002, when he agreed to step down
as CFO and resign his board position….
http://www.cfoworld.com/accounting/38422/tyco-sued-60-million-convicted-executive-swartz?page=0,0
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