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 CONCORD, N.H. (AP) - Tyco International Ltd. has agreed to pay about $3 billion to settle shareholder claims from one of the largest corporate fraud cases ever, ending uncertainty over the outcome of the legal battle as it prepares to split into three companies.
Tyco said Tuesday it would set up a $2.975 billion cash fund to pay claims filed by shareholders against the company arising from actions by ex-chief executive L. Dennis Kozlowski and other top officers convicted of looting the company and inflating its value.
Tyco said it would take a charge of that amount during the current quarter.
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