Former Tyco CFO sues the company for $60 million
Mark Swartz claims hes entitled to retirement funds and other money.
May 08, 2012 at 06:43 AM
2 minute read
The original version of this story was published on Law.com
The former chief financial officer of Tyco International is suing the company for $60 million. Mark Swartz, who is currently serving a prison sentence for his involvement in the company's 2002 scandal, says Tyco owes him retirement funds and other money.
Swartz is suing Tyco for breach of contract, claimining the company owed him $48 million from an executive retirement agreement, as well as $9 million in reimbursement for taxes.
“The directors and management of Tyco approved the subject agreement with actual knowledge that he was shortly to be indicted,” the lawsuit said.
Swartz, along with former Tyco CEO Dennis Kozlowski, was convicted of grand larceny and securities fraud and is serving an 8 1/3- to 25-year sentence. A federal judge ruled in 2010 that Kozlowski, who was denied parole last month, could not collect the millions of dollars he claims Tyco owed him.
The former chief financial officer of Tyco International is suing the company for $60 million. Mark Swartz, who is currently serving a prison sentence for his involvement in the company's 2002 scandal, says Tyco owes him retirement funds and other money.
Swartz is suing Tyco for breach of contract, claimining the company owed him $48 million from an executive retirement agreement, as well as $9 million in reimbursement for taxes.
“The directors and management of Tyco approved the subject agreement with actual knowledge that he was shortly to be indicted,” the lawsuit said.
Swartz, along with former Tyco CEO Dennis Kozlowski, was convicted of grand larceny and securities fraud and is serving an 8 1/3- to 25-year sentence. A federal judge ruled in 2010 that Kozlowski, who was denied parole last month, could not collect the millions of dollars he claims Tyco owed him.
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