Ex-Tyco CEO Seeks Millions from Retirement Account (TYC)
3/20/2010- Ex-Tyco International (NYSE: TYC) CEO L. Dennis Kozlowski, who was jailed for stealing millions of dollars, wants a U.S. court to order the company to pay him tens of millions from his retirement account.
Lawyers for Kozlowski filed court papers in which they claim that Tyco breached its retirement agreement by refusing to pay him the sum he has demanded.
As of October 2008, the value of Kozlowski's retirement account was $75.9 million, according to the court papers, which are part of a 2002 lawsuit between Tyco and Kozlowski.
"Nothing in this Executive Retirement Agreement imposes any condition or limit on payments related to the terms of Mr. Kozlowski's departure," his lawyer, Robert Shwartz, wrote in court papers in Manhattan federal court. "It does not distinguish between termination for cause and termination without cause."
Write to Chip Brian at cbrian@tradethetrend.com
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