Grant & Eisenhofer represented two lead plaintiffs and achieved $3.2 billion recovery in record-setting Tyco securities fraud settlement
Plaintiff(s):
Two public pension funds serving as co-lead plaintiffs on behalf of the class
Case type / claims:
Securities class action alleging acquisition accounting fraud and looting of corporate assets by Tyco’s former executives, as well as audit failures by PricewaterhouseCoopers.
Defendant(s):
Tyco International Ltd., former officers and directors and PricewaterhouseCoopers LLP
Jurisdiction:
U.S. District Court for the District of New Hampshire
Year:
2007
Outcome:
- The $3.2 billion settlement included a $2.975 billion payment from Tyco—the largest single payment ever made by a corporate defendant in securities class action history.
- Also included a $225 million settlement with PricewaterhouseCoopers—the second-largest auditor settlement in securities litigation history.
