Tyco wants money back from CFO
Tyco is attempting to recover more than $45m (£28.9m) from its former chief financial officer, Mark Swartz, claiming that he had 'misappropriated company funds and other assets'.
The conglomorate said it had filed its demand for arbitration with the American Arbitration Association in New York and is expected to ask for a $9m severance lump sum back as well as around $35m in other benefits given to Swatrz. The company may also try to recover salary paid to Swartz, who was believed to be one of the best-paid CFOs in the US.
Swartz has been indicted for corruption along with former chief executive Dennis Kozlowski. Both have pleaded not guilty to charges that they stole over $170m from Tyco’s coffers.