Michigan sues Tyco over state pension fund losses — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Michigan sues Tyco over state pension fund losses

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The state of Michigan is suing Tyco International, its auditors and four former executives for $50 million, the amount lost to state pension funds when a multibillion-dollar accounting fraud case sent the company’s stock prices plummeting in 2002.

Michigan Attorney General Mike Cox and Treasurer Bob Kline filed the suit in February in Detroit federal court.

“Safeguarding pensions is a top priority of my office,” said Cox. “We will do everything we can to ensure that employees aren’t cheated out of the pensions that are rightfully theirs.”

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