News SSB&R Recovers $73.25 Million For State of New Jersey Pension Funds Shalov Stone Bonner & Rocco LLP 04/30/2008

 

Shalov Stone Bonner & Rocco LLP is pleased to announce that it has reached a $73.25 million partial settlement with defendant Tyco International Ltd. for the firm's client, the State of New Jersey Division of Investment, in connection with litigation arising from alleged compensation and accounting fraud at Tyco. The $73.25 million recovery will benefit a number of pension funds operated by the Division of Investment for New Jersey public employees, police, firemen, and teachers, as well as investment funds utilized to finance the operations of the New Jersey public schools. This recovery is many times larger than the Division of Investment's maximum potential recovery under the plan of allocation devised by the plaintiffs' expert in connection with the settlement of the companion securities class action filed on behalf of other Tyco investors.

The firm continues to prosecute related claims against former Tyco CEO Dennis Kozlowski, former Tyco CFO Mark Swartz, former Tyco director Frank Walsh and Tyco's former auditors, PricewaterhouseCoopers LLP and its Bermuda affiliate.

For more information, contact Patrick L. Rocco at (973) 998-6925.