A New York appeals court has upheld the convictions of former Tyco International senior executives Dennis Kozlowski and Mark Swartz, the court clerk's office said Thursday.
Kozlowski, the former chief executive of Tyco, and Swartz, the former chief financial officer, had asked the New York State Supreme Court's Appellate Division, First Department, to overturn the 2005 guilty verdicts.
"We are disappointed by the ruling, which does not even address our basic point: that Mark Swartz was entitled to everything he received under the plain terms of Tyco's bonus plan. We will continue to pursue this appeal in order to vindicate Mr. Swartz's innocence," said Swartz attorney Nathaniel Marmur.
The two were sentenced to prison after a trial that served as an example of corporate excess in the United States.