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Tyco International Ltd. : Imprisoned Ex-Tyco CFO Mark Swartz Sues Co For $60 Million, Claims Breach Of Contract -Reuters

05/07/2012 | 04:24pm US/Eastern
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Mark Swartz, a former Tyco International Ltd. (TYC) chief financial officer serving a prison sentence for grand larceny and securities fraud, sued the company for $60 million claiming breach of contract, Reuters reported Monday.

His claims include about $48 million for an executive retirement agreement and $9 million in reimbursement for New York taxes, the report said.

The lawsuit claims Tyco approved a contract with him "with actual knowledge that he was shortly to be indicted," Reuters reported.

A Tyco spokeswoman didn't immediately return requests for comment, the report said.

Full story at http://www.reuters.com/article/2012/05/07/us-tyco-swartz-idUSBRE8460YA20120507

-Dow Jones Newswires; 212-416-2900

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