February 2, 2005 |
Former Tyco International Ltd. Chief Executive L. Dennis Kozlowski didn't violate company policy when he paid a $20-million finder's fee to a board member, a former company director testified Tuesday. Prosecutors say the fee, paid to director Frank Walsh for helping arrange Tyco's 2001 purchase of CIT Group Inc., wasn't authorized by the board and amounted to theft, one of 13 larceny counts against Kozlowski and co-defendant Mark Swartz, Tyco's former financial chief.
January 28, 2005 |
Two former top Tyco International Ltd. executives who are accused of embezzling millions of dollars earned every penny they got from the company and never acted with criminal intent, defense lawyers told jurors Thursday. The lawyers represent L. Dennis Kozlowski, 58, Tyco's former chief executive, and Mark Swartz, 44, the company's former finance chief, who are accused of stealing $150 million outright and profiting illegally on $575 million in Tyco stock sales.
January 27, 2005 |
The two former top executives of Tyco International Ltd. stole $150 million from the industrial conglomerate even though they were among the highest-paid people in corporate America, a prosecutor told jurors as their retrial began Wednesday. In a 3 1/2-hour opening argument, Manhattan Assistant Dist. Atty. Owen Heimer said L.
November 2, 2004 |
Industrial conglomerate Tyco International Ltd. swung to a profit on a double-digit jump in sales and lower one-time charges compared with the same quarter a year earlier. Net income rose to $454 million, or 22 cents a share, for its fiscal fourth quarter ended Sept. 30. Excluding one-time charges totaling $524 million, or 23 cents a share, net income would have been 45 cents a share. Tyco, based in Pembroke, Bermuda, but run from West Windsor, N.J.
August 12, 2004 |
Tyco International Ltd.'s Nellcor unit was told by a judge to pay Masimo Corp. an additional $29.6 million for infringing a patent for machines that measure the oxygen content in blood. U.S. District Judge Mariana Pfaelzer in Los Angeles increased the damages to a total of $164 million to cover Nellcor's infringement from Jan. 1 to May 31. A jury in March determined that Nellcor infringed the patent used in pulse oximetry machines that measure blood-oxygen levels.
August 11, 2004 |
Former Tyco International Ltd. Chief Executive L. Dennis Kozlowski and ex-Chief Financial Officer Mark Swartz must face charges that they ran the company as a criminal enterprise when they go to trial for a second time in January. Manhattan state Supreme Court Justice Michael Obus rejected an attempt by the executives' lawyers to dismiss the charge of enterprise corruption, the most serious against them with a maximum sentence of 25 years.
August 4, 2004 |
Tyco International Ltd., the largest maker of electric connectors and security systems, said fiscal third-quarter profit rose 63%, lifted by a rebounding economy and lower costs. Net income rose to $923 million, or 43 cents a share, from $566.5 million, or 27 cents, a year earlier. Sales climbed 11% to $10.41 billion. Tyco raised its profit forecast for the year ending Sept. 30 to $1.61 to $1.63 a share. It had previously forecast profit of $1.52 to $1.58. Analysts had expected $1.
July 15, 2004 |
A New York State Supreme Court jury continued its deliberations for a fourth day without reaching a verdict in the larceny trial of Mark A. Belnick, Tyco International Ltd.'s former top lawyer. The panel of eight men and four women asked for additional instruction on the grand larceny charge against Belnick, 57. The jury also asked to again hear the court's instruction on the burden of proof and reasonable doubt.
June 26, 2004 |
Mark Belnick testified at his criminal trial that Tyco International Ltd.'s former finance chief told him that he didn't have to tell regulators about millions he borrowed from the company. Belnick, Tyco's former general counsel, told jurors that he had no reason to doubt the finance chief. Belnick is charged with falsifying business records for failing to record almost $15 million in interest-free company loans on forms used to prepare government filings.