Case Information: Tyco ERISA Litigation

This case was brought on behalf of all participants in the Tyco International (US) Inc. Retirement Savings Plans I-VII, including all predecessor plans (the “Plans”), during the period from August 12, 1998 through July 25, 2002.

Izard Nobel LLP (f/k/a/ Schatz Nobel Izard, P.C.) was appointed as Co-Lead Counsel by the United States District Court for the District of New Hampshire on December 19, 2002.  The ERISA Plaintiffs filed their Consolidated Amended Complaint (the “Complaint) on February 3, 2003.  The Complaint alleges that Defendants (a) failed to disclose hundreds of millions of dollars of corporate assets provided to senior executives, (b) omitted the disclosure of hundreds of acquisitions, (c) engaged in numerous improper accounting techniques, and (d) improperly reported Tyco’s financial results. 

On December 2, 2004, the Court denied Defendants’ motion to dismiss.   With the assistance of a mediator, the parties reached a settlement agreement in the amount of $70.525 million. On November 23, 2009, the Court granted final approval of the settlement.