Tyco Posts 3Q Loss, But Higher Earnings For Flow Controls
Tyco International
Ltd. reported a $3.55 billion loss for the third quarter as it pays for
lawsuits and breakup costs tied to its former convicted chief executive officer
L. Dennis Kozlowski.
Tyco settled a $3.31 billion shareholder
lawsuit in the quarter over the misdeeds of L. Dennis
Kozlowski, the company’s former CEO convicted of stealing $600 million
from the company. Kozlowski was sentenced in 2005 to serve at least eight years
in prison, but the term could be as long as 25 years.