Pricewaterhouse Settles Tyco Lawsuit
Court Alerts
Attorneys representing the shareholders of Tyco International Ltd. said Friday PricewaterhouseCoopers LLP has agreed to pay $225 million to settle a class action lawsuit.
Tyco (nyse: TYC - news - people ) shareholders pursuing the lawsuit had claimed that as Tyco's independent auditor, PricewaterhouseCoopers failed to uncover fraud in an accounting scandal at the conglomerate. Tyco's chief executive and chief financial officer were convicted in the scandal.
In May, Tyco agreed to pay nearly $3 billion to shareholders in association with the case. Investors who purchased or acquired Tyco securities from December 13, 1999 to June 7, 2002 are covered by the settlement. Calls to PricewaterhouseCoopers were not immediately returned. Shares of Tyco International rose 7 cents to close at $53.17.
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