There are two recent articles in the Wall Street Journal (subscrip. req’d) related to the Tyco International securities litigation.
First, a court in the D. of N.H. has allowed most of the claims in the pending securities class action to go forward. Interestingly, however, it dismissed a related derivative action on the grounds that it was barred under Bermuda law (Tyco is registered in Bermuda).
Second, former Tyco CEO Dennis Kozlowski and CFO Mark Swartz have asked a New York state court to direct one of Tyco’s “excess” insurance carriers to pay legal bills that they say have surpassed $25 million.
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