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Tyco may have artificially inflated the price of Tyco stock and then breached its fiduciary duties to employees who used their retirement assets in Tyco-sponsored retirement plans to buy Tyco stock.
Investigation Source (Case #02-cv-1357)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Products or Services
- Retirement Plan
- 401(K)
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending ERISA class action lawsuit against Tyco International on behalf of all participants in the Tyco International (US) Inc. Retirement Savings Plans I-VII, including all predecessor plans, during the period from August 12, 1998 through July 25, 2002.
The class action complaint alleges that Tyco (a) failed to disclose hundreds of millions of dollars of corporate assets provided to senior executives, (b) omitted the disclosure of hundreds of acquisitions, (c) engaged in numerous improper accounting techniques, and (d) improperly reported Tyco's financial results.
The class action complaint alleges that Tyco (a) failed to disclose hundreds of millions of dollars of corporate assets provided to senior executives, (b) omitted the disclosure of hundreds of acquisitions, (c) engaged in numerous improper accounting techniques, and (d) improperly reported Tyco's financial results.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Tyco International, Ltd (TYC) | Tyco International, Ltd., together with its subsidiaries, provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products to various customers worldwide. |