Tyco, Jailed Ex-CEO Strike Deal Ahead of Trial
Tyco and its former chief executive have settled a New York lawsuit seeking to force him to surrender compensation he received before he was jailed.
The tentative deal was reached Friday between Tyco International and Dennis Kozlowski. The trial was taken off the court calendar for Monday.
In a 2002 lawsuit, Tyco accused Kozlowski offraud and breach of fiduciary duty. A federal judge in 2010 found the former executive liable on most claims. Terms of the deal were not announced.
The trial would have decided what, if any, damages were owed to Tyco.
Kozlowski is serving a sentence of 8 1/3 to 25 years.
He was convicted in 2005 of a more than $100 million fraud. A $6,000 gold-threaded shower curtain and a $2 million birthday party highlighted trial testimony.