Grant & Eisenhofer (G&E) represented the Teachers' Retirement System of Louisiana and the Louisiana State Employees' Retirement System as co-lead plaintiffs in the Tyco International Ltd. securities and accounting fraud class action heard by the U.S. District Court for the District of New Hampshire.
Defendants in the case included Tyco International, Dennis Kozlowski and other former executives and directors of Tyco, and PricewaterhouseCoopers.
If you purchased Tyco securities between December 13, 1999 and June 7, 2002, you may be eligible to share in the recovery from this settlement.
Tyco International Ltd. funded a $2.975 billion settlement of securities and accounting fraud claims relating to the company’s Dennis Kozlowski era. This settlement represents the single largest payment from any corporate defendant in the history of securities class action litigation.
Tyco’s former auditor, PricewaterhouseCoopers, also funded a $225 million settlement of securities and accounting fraud claims relating to this Tyco securities class action. The total settlement fund will total in excess of $3.2 billion.
The Fairness Hearing for this settlement was held on November 2, 2007, at the United States District Court for the District of New Hampshire in Concord, New Hampshire. On December 19, 2007, Judge Barbadoro issued an opinion that stated “[t]he Settlement Agreement is finally approved as fair, reasonable and adequate and consistent with and in compliance with all applicable requirements of… applicable law, and in the best interests of the Settling Parties and the Class Members, the Settling Parties are directed to consummate the Settlement in accordance with the terms and provisions of the Settlement Agreement.”
On April 1, 2008, a report by the claims administrator – The Garden City Group, Inc., was filed on the Court’s docket, outlining the status of the claims process including the receipt of nearly 365,000 claims.
Read the Press Release Announcing the Tyco Settlement.
Read the Press Release Announcing the PwC Settlement.