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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, 2007, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

Ghosts Of Scandals Past: Tyco Settles For $3 Billion
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 5/17/2007 3:33 AM
Tyco International, the company that made shower curtains an element of corporate intrigue, will settle class-action investor suits for almost $3 billion, as reported in the New York Times and International Herald Tribune. At this stage, it's unclear what shareholders will clear: there are still millions to pursue from the principal characters like Dennis Kozlowski and Mark Swartz. Bigger variable: the lawyers' cut is not known yet, either.

The Wall Street Journal reports that this could be the fourth largest shareholder settlement ever. And investors might be able to pursue auditor PricewaterhouseCoopers on the grounds that they should have detected the fraud. PwC was not part of the settlement, so it could still be open season on them.
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